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.