Oil prices are rising and heading for weekly gains as OPEC cuts production
[url=https://www.thebaghdadpost.com/ar/Story/t/4075/%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1 %D8%A7%D9%84%D9%86%D9%81%D8%B7]Oil prices[/url] rose on Friday as they headed for weekly gains, with Opec cutting its monthly production, ahead of Baker Hughes data.
By 6:30 am GMT, the price of Brent crude for March delivery rose 1.1% To $ 61.88 per barrel.
US crude futures for February delivery rose 1.3% to $ 52.72 a barrel.
The Organization of Petroleum Exporting Countries (OPEC) announced last December that its production fell by 751,000 barrels per day to 31.578 million bpd last December.
The report also warned of the negative effects of a likely change in the pace of tightening monetary policy, which it believes may contribute to slowing the pace of GDP growth in 2019.
OPEC and its allies began this month to cut their oil production by 1.
On the other hand, the Organization reduced estimates of the supply of outside oil by about 60 thousand barrels per day from this year to become the site to grow by about 2.10 million barrels per day to 64.16 million barrels per day.
The Baker Hughes data on oil exploration platforms are due to be released later this week.