Wednesday , October 5 2022

Oil Prices Rise | Business


At the beginning of the session on the London stock exchange ICE Futures Futures for Brent oil increased by $ 1.13 or 1.61% up to 71.31 dollars per barrel.

The New York Mercantile Exchange (NYMEX) futures price for WTI rose by $ 0.68 (1.13%) to $ 60.87 a barrel in December.

On Friday, Brent fell 0.47 dollars or 0.67 percent, while WTI was $ 0.48, or 0.79 percent.

Last week, Brent and WTI hit the fifth week of the week and are the longest in the fall four years.

Saudi Arabia's Minister of Energy Khalid al-Falek said in an interview with reporters Sunday that OPEC and OPEC + will meet in the Abu Dhabi Observatory Committee meeting, if OPEC's productivity surveillance is monitored on a regular basis, it will lower production. According to him, he is currently seeing the signs of the US oil product market.

But the minister said that OPEC + did not want to reduce oil production.

After the meeting, X. Al-Falij said OPEC's oil production will be lower than December in December.

Saudi Arabia also noted that next month oil exports will reach 500,000. barrels less than in November.

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