Oil prices ended trading higher, on Friday, turning to recover after a decline earlier in the session, supported by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia (OPEC +) will continue to cut production.
But the two benchmarks, Brent and Texas, the US broker, ended the week in a decline, after their prices reached their highest level in years, on Monday.
The price of Brent crude rose six cents to settle at 84.38 dollars a barrel Upon settlement, while West Texas Intermediate crude rose 76 cents or 0.9% to $83.57 a barrel.
Prices have been under pressure since Wednesday after a report that US crude inventories increased by 4.3 million barrels in the latest week.
Iran has said that talks on reviving the nuclear deal will resume at the end of November, taking it one step closer to boosting its oil exports.
Crude prices witnessed increases in 2021 as economies around the world recover from the Covid-19 pandemic, but prices are heading for a decline this week, and Brent faces its first weekly decline in about two months.
Algerian Energy Minister Mohamed Arkab said Thursday that the increase in OPEC + production of crude oil should not exceed 400,000 barrels per day in December, due to some uncertainty and risks in the oil market.
The group, which is gradually backing away from a record production cut it implemented last year, is due to hold a meeting on November 4.
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