Oil prices continued to rise, today, Tuesday, and “Brent” crude rose above the level of $ 82 a barrel, for the first time since October 2018.
According to Bloomberg, Brent crude was traded at $82.36 a barrel, an increase of 1.35% over yesterday’s closing price.
Meanwhile, US West Texas Intermediate crude futures rose 1.07% to $78.45 a barrel.
Oil prices rose today, Tuesday, to their highest levels in at least three years, to continue the gains made during the previous session, after the world’s major oil producers announced their decision to maintain a curb on crude supplies.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, within the framework of the OPEC + group, said yesterday that they will maintain an agreement to increase oil production only gradually, ignoring calls from the United States and India to raise production as the global economy recovers, albeit intermittently, from the pandemic. Corona Virus.
“We expect a gradual return to demand growth to normal, and a recovery in supply will begin to affect oil prices from the fourth quarter,” Capital Economics said.
“This year, demand growth has outpaced supply, helping prices reach multi-year highs, but we expect this dynamic to reverse as OPEC+ increases production,” Capital said in a note.
OPEC + agreed in July to increase production by 400,000 barrels per day per month until at least April 2022 to gradually phase out a production cut of 5.8 million barrels per day for the time being.
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