[size=36]The rise in oil prices due to the decision of OPEC +[/size]
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Oil prices jumped 2%, Monday, after OPEC + countries kept their production targets before the European Union banned Russian crude and put a ceiling on it, which takes effect from today.
Meanwhile, in a positive sign for fuel demand, more Chinese cities eased anti-COVID-19 restrictions over the weekend.
Brent crude futures rose $1.84, or 2.2%, to $41.87 a barrel at 01:42 GMT.
US West Texas Intermediate crude futures rose $1.64, or 2%, to $62.81 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, who are called the “OPEC +” group, agreed yesterday, Sunday, to adhere to the agreement it reached in October, represented in reducing production by two million barrels per day, starting from last November until the end of the year. 2023. Ended 29/N33