Following the “OPEC +” decision to restrict output to support oil markets, oil prices increased marginally in trade today, Friday, and are expected to post the highest weekly gains in about 4 months.
US crude futures “West Texas Intermediate” increased 0. 21% to $88.64 a barrel by 11:24 Moscow time.
Bloomberg reports that Brent crude futures increased 0. 20% to $94.61 a 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.
Source: Bloomberg and RT.
Oil prices are expected to post the highest weekly rise in almost 4 months following the “OPEC Plus” decision.
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