Mexican crude makes gain, closing at US$40 per barrel

Mexican crude oil is up 44 cents compared to yesterday, closing at US$40.15, reports Mexico's state-owned oil company, Pemex.

According to Banco Base, the main global crudes had moderate losses today after experiencing quarterly highs.

Overall global crude oil prices have increased as a result of OPEC members' recent pre-agreement to cut oil production by approximately 700,000 barrels per day.

However, despite the pre-agreement being reached, member countries have yet to determine how much each country will have to cut, so there is still a chance that the agreement can fall apart.

West Texas Intermediate crude fell by 13 cents, closing at US$48.68 per barrel and Brent crude fell by two cents, closing at US$50.87 per barrel.