The prices of the international benchmark Brent crude contracts recorded their fourth consecutive weekly gains, at the conclusion of the trading sessions in the futures markets last Friday, and the prices of the US West Texas Intermediate crude contracts recorded its sixth weekly gains in a row.
And oil prices recorded $79.28 a barrel for Brent crude futures contracts, when they settled on Friday, and West Texas Intermediate crude futures recorded $75.88 a barrel, as they closed above $78 a barrel, which is near their highest levels in three years. Prices were supported by expectations that the ministers of the OPEC Plus alliance maintained moderate rates to raise production, during its meeting this week.
The “OPEC Plus” alliance will hold its 21st ministerial meeting tomorrow, Monday, to review the pace of the monthly production increase.
And last July, the OPEC Plus alliance agreed to increase production by 400,000 barrels per day every month.