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Oil Prices Continue To Rise After The “OPEC +” Decision

Tuesday, October 5, 2021

 

Oil Prices Continue To Rise After The “OPEC +” Decision
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Oil prices rose today, Tuesday, to their highest levels in at least 3 years, to continue the gains made during the previous session, after the “OPEC +” group announced adherence to the current production policy.


Brent crude rose 0.3 percent to $81.49 a barrel, by 03:41 GMT, after rising 2.5 percent on Monday.


Meanwhile, West Texas Intermediate crude rose 0.2 percent to $77.74 a barrel, after rising 2.3 percent in the previous session.


The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, within the framework of the "OPEC +" group, said yesterday that they will maintain an agreement to increase oil production only gradually, ignoring calls from the United States and India to raise production with the recovery of the global economy, albeit intermittently. from the Corona virus pandemic.


"We expect a gradual return to demand growth to normal, and a recovery in supply will begin to affect oil prices from the fourth quarter," said Capital Economics.


"This year, demand growth has outpaced supply, helping prices reach multi-year highs, but we expect this dynamic to reverse as OPEC+ increases production," she added.


Source: Reuters

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