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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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    Amidst anticipation of OPEC+’s decision on production, oil achieves its first weekly gains

    Rocky
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    Amidst anticipation of OPEC+’s decision on production, oil achieves its first weekly gains Empty Amidst anticipation of OPEC+’s decision on production, oil achieves its first weekly gains

    Post by Rocky Sat 25 Nov 2023, 4:39 am

    Amidst anticipation of OPEC+’s decision on production, oil achieves its first weekly gains
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    Baghdad today - follow-up 
    Today, Saturday (November 25, 2023), oil prices achieved weekly gains for the first time in more than a month, ahead of the OPEC+ meeting next week to decide on production cuts in 2024 .
    The rise comes despite the decline in oil prices on Friday, with the decline in the premium associated with geopolitical risks due to the truce in Gaza .
    During the past week, US West Texas Intermediate crude rose by 3.35 percent, while Brent crude declined slightly by 0.04 percent .
    On Friday, the settlement price for futures contracts for Brent crude fell by 84 cents, equivalent to one percent, to $80.58 per barrel, while US West Texas Intermediate crude fell by $1.56, or two percent, from Wednesday’s close at $75.54 .
    There was no settlement for West Texas Intermediate crude yesterday, Friday, due to the Thanksgiving holiday in the United States, and the escalation operations in Gaza witnessed a truce that included the exchange of a group of hostages and detainees .
    “It was important for them to go ahead with it so the risk premium would go down, ” said John Kilduff, a partner at Again Capital in New York . 
    The weekly rise in oil comes at a time when OPEC+ is preparing for a meeting in which production cuts are at the top of the agenda after the recent declines in oil prices due to concerns about demand and supply growth, especially from non-OPEC producers .
    OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies including Russia, surprised the market on Wednesday by postponing its meeting from November 26 to the 30th after producers faced difficulty in reaching a consensus on production levels .
    Three OPEC+ sources told Reuters that the group is close to reaching a compromise with African oil producers regarding production levels in 2024.
    Source: Agencies 
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