Oil prices are rising and continue to post gains

  • 4-03-2021, 13:39
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    Follow up - INA
    Oil prices rose for the second session in a row, today, Thursday, as they received support from the possibility of "OPEC +" producers taking a decision against increasing production at an important meeting to be held later today.
    Brent crude futures rose 0.8 percent to $ 64.60 a barrel, by 05:53 GMT, after rising by more than two percent on Wednesday.
    West Texas Intermediate crude futures rose by 0.8 percent as well, to 61.74 dollars a barrel.
    Three sources in the "OPEC +" group, which includes the Organization of the Petroleum Exporting Countries "OPEC" and its allies, said that the group is considering extending production cuts until April, instead of increasing production, as the recovery in oil demand is still fragile due to the Corona virus crisis.
    The market expected that OPEC would reduce production cuts by about 500 thousand barrels per day as of next April, and that Saudi Arabia, the largest producer in OPEC, would end a voluntary reduction of its production by an additional one million barrels per day.
    Source: Reuters