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Oil falls before the OPEC + meeting next Monday
- Time: 01/10/2021 17:56:19
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{Economic: Al Furat News} Oil prices fell, during trading today, Friday, amid the prospects that the “OPEC +” alliance would strengthen a planned increase in production in order to ease concerns about supply.
And Brent crude futures fell 0.2 percent to $ 78.19 a barrel, by 06:38 GMT, but it is still heading towards achieving a small increase in the week, to achieve gains for the fourth consecutive week.
US West Texas Intermediate crude futures fell 15 cents to $74.88 a barrel, but the contract is still on track to achieve gains for the sixth consecutive week.
Markets’ eyes are now turning to the “OPEC +” group meeting next Monday, where the producers will discuss whether they will exceed their current agreement, to boost production by 400,000 barrels per day in November and December this year.
Four sources in "OPEC" said that adding more oil is a scenario being considered, without revealing details about quantities or timing, while oil is currently hovering near its highest level in three years and consumers are pressing for more supplies.
Source: Reuters
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{Economic: Al Furat News} Oil prices fell, during trading today, Friday, amid the prospects that the “OPEC +” alliance would strengthen a planned increase in production in order to ease concerns about supply.
And Brent crude futures fell 0.2 percent to $ 78.19 a barrel, by 06:38 GMT, but it is still heading towards achieving a small increase in the week, to achieve gains for the fourth consecutive week.
US West Texas Intermediate crude futures fell 15 cents to $74.88 a barrel, but the contract is still on track to achieve gains for the sixth consecutive week.
Markets’ eyes are now turning to the “OPEC +” group meeting next Monday, where the producers will discuss whether they will exceed their current agreement, to boost production by 400,000 barrels per day in November and December this year.
Four sources in "OPEC" said that adding more oil is a scenario being considered, without revealing details about quantities or timing, while oil is currently hovering near its highest level in three years and consumers are pressing for more supplies.
Source: Reuters
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