Oil closes near a 3-year summit ahead of the “OPEC” meeting

Oil closes near a 3-year summit ahead of the “OPEC” meeting
Oil closes near a 3-year summit ahead of the “OPEC” meeting

Opinion – Agencies

Oil closed above $78 a barrel on Friday, close to the 3-year high reached earlier this week, supported by expectations that “OPEC +” will maintain a moderate pace to raise production.

Brent crude rose 97 cents, or 1.2 percent, to $79.28 at the settlement, marking the fourth consecutive weekly rise. US West Texas Intermediate crude advanced 85 cents to reach the settlement price of $75.88, with the sixth week of gains recorded.

Market analyst Edward Moya said: “If OPEC + adheres to the agreed upon in advance and implements only the planned increase of 400,000 barrels per day in November, the energy markets will soon witness oil prices at $ 90,” adding that any increase below 600,000 barrels will raise prices. .

The Organization of the Petroleum Exporting Countries and its allies, within the framework of the “OPEC +” group, meet on Monday. The group is working to phase out the unprecedented production cuts they adopted last year, but sources say it is considering doing more.

Source: “Reuters”

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Oil closes #3year summit ahead OPEC meeting

 
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