Rising oil prices due to reports of OPEC's intention to cut output
Oil prices rose on Thursday, with reports of OPEC's intention to cut production next year and to keep up with US inventory data.
By 7:05 am GMT, the benchmark Brent crude for January delivery rose 0.4% to $ 66.37 a barrel.
US crude futures for December delivery rose 0.1% to $ 56.31 a barrel.
US crude was able to rise by 1% at the end of yesterday's session to end a record daily loss chain.
Press reports revealed yesterday that OPEC and its allies planned to [url=https://www.thebaghdadpost.com/ar/Story/t/13134/%D8%AE%D9%81%D8%B6 %D8%A7%D9%84%D8%A5%D9%86%D8%AA%D8%A7%D8%AC]cut production[/url] by 1.4 million barrels per day in 2019, and that all the countries of the Organization will participate in the resolution.
But at the same time, it is reported that producers have yet to agree on the final figure to reduce the new supply.
On the other hand, the International Energy Agency said yesterday that more stocks should be welcomed and welcomed as a type of insurance and not the threat.
OPEC data showed this week that oil production in October rose by 127 thousand barrels per day.
The demand for crude is still strong with an expected increase of 1.3 million barrels this year and 1.4 million barrels in 2019.
The US Energy Data Administration data is due to be announced later in the day.