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Oil price hike


London, SANA- Oil prices rose today, after falling yesterday to their lowest level in nine months, amid signs of a slowdown in oil prices


Oil prices rose today after plunging yesterday to their lowest level in nine months amid signs of production cuts to avoid a further collapse in prices.

Reuters reported that Brent crude futures for the November settlement rose $1.17, or 1.39 percent, to $85.23 a barrel.

US West Texas Intermediate crude futures for November delivery rose $1.13 to $77.84 a barrel.

The OPEC Plus group boosted production this year after record cuts in 2020 due to the collapse in demand caused by the Corona pandemic, yet the cartel has failed in recent months to meet planned increases in production, which could undermine the effectiveness of any announced supply cuts.

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Source: sena

All business articles on 2022-09-27

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