Following the “OPEC +” decision to reduce output to support oil markets, oil prices increased by around 2% today, marking the highest weekly increases in about 4 months.
International crude futures, “Brent” mix, have risen 1. 93% to $96. 24 per barrel by 16:35 Moscow time.
According to market statistics, US West Texas Intermediate oil futures increased 2. 15% to $90. 35% per barrel.
The “OPEC Plus” group voted last Wednesday to cut its daily production by two million barrels, beginning in November 2022.
In response to concerns about a global economic slowdown, the group—which consists of oil-producing nations from both within and outside the Organization of “OPEC”—met in Vienna to discuss oil markets and production strategy.
RT + TASS as the source.
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