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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil jumps 4% to its highest level in 5 weeks after the decision of OPEC + to cut production

    Rocky
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    Oil jumps 4% to its highest level in 5 weeks after the decision of OPEC + to cut production Empty Oil jumps 4% to its highest level in 5 weeks after the decision of OPEC + to cut production

    Post by Rocky Sat 08 Oct 2022, 5:00 am

    Oil jumps 4% to its highest level in 5 weeks after the decision of OPEC + to cut production

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    Economy News-Baghdad
    Oil prices jumped about four percent on Friday, hitting a five-week high, supported by the OPEC+ decision to make the biggest supply cut since 2020, despite worries about a recession and rising interest rates.
    Oil rose for the fifth day in a row despite the rise of the dollar after data showed that the US economy is creating jobs at a strong pace, while reinforcing expectations that the Federal Reserve (the US central bank) will continue to tighten monetary policy sharply.
    A stronger dollar makes oil more expensive for holders of other currencies, and usually affects oil and other risky assets.
    Brent crude futures rose $3.50, or 3.7 percent, to $97.92 a barrel. US West Texas Intermediate crude also rose $4.19, or 4.7 percent, to $92.64 a barrel.
    That was the highest closing level for Brent since August 30 and for US crude since August 29. The two contracts recorded gains for the second week in a row, and the largest percentage gain since March this week. During the week, Brent rose by about 11 percent and US crude by 17 percent.
    "One of the main implications of the recent OPEC cuts is the likely return to the $100 oil price," said Stephen Brennock of BVM oil brokerage.
    The cut decided by the OPEC + cartel, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, comes before the European Union bans Russian oil and will reduce supplies in a market already suffering from tight supply.
    On Thursday, US President Joe Biden expressed his disappointment with the OPEC+ plans. He and other officials said the United States was studying all possible alternatives to prevent price hikes.


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    Added 10/08/2022 - 9:04 AM
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