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Oil continues its gains on expectations of OPEC+ cuts
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Economy News _ Baghdad
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Added 11/20/2023 - 8:32 AM
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Economy News _ Baghdad
Oil futures rose on Monday, continuing their gains thanks to expectations of deeper supply cuts by OPEC+ to support prices that fell four weeks ago due to waning fears of disruption to Middle East supplies in light of the conflict between Israel and Hamas.
By 04:00 GMT, Brent crude futures rose 57 cents, or 0.7 percent, to $81.18 per barrel, while US West Texas Intermediate crude reached $76.40 per barrel, up 51 cents, or 0.7 percent.
The front-month December contract expires later on Monday, while the most active January futures contract rose 55 cents, or 0.7%, to $76.59 a barrel.
The settlement price for the two contracts was set at a four percent rise on Friday after three OPEC+ sources reported that the producer group, made up of the Organization of the Petroleum Exporting Countries and its allies including Russia, is set to consider whether to make additional cuts in oil supplies when it meets on Monday. Friday. November 26.
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Added 11/20/2023 - 8:32 AM
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