Sunday, July 14, 2024

Oil will close near the 3-year summit ahead of the OPEC + meeting


Oil closed above $ 78 a barrel on Friday, hitting a three-year high early last week, in anticipation that OPEC ministers would maintain a moderate pace to boost production.

The Organization of the Petroleum Exporting Countries and its allies meet on Monday within the framework of the OPEC + Group. This group gradually removes the cuts They produced unprecedented production last year, but sources say they are considering doing more than that.

Brent crude rose 97 percent, or 1.2%, to $ 79.28, its fourth consecutive weekly rise. U.S. West Texas Intermediate Crude advanced 85 percent to settle at $ 75.88, recording a sixth week of gains.

“If OPEC + adheres to the pre-agreed and only implements the planned increase of 400,000 barrels per day in November, energy markets will soon see oil prices reach $ 90,” said Edward Moya, Onda’s chief market analyst. Any increase below 600,000 barrels will raise your prices.

This week, U.S. energy companies increased oil and natural gas rickshaws for the fourth week in a row as more marine units damaged by the storm resumed service in the Gulf of Mexico.

In its scrutiny report, energy services company Baker Hughes said the number of rickshaws had risen from seven to 528 in the first week of October, the highest level since April 2020.

See also  Saudi Arabia led the way in the fall in Gulf stocks earlier in the week
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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