The price of oil continued to rise today, Friday, by more than 2%, after the volatility of yesterday’s session, following the decision of Opec Plus to set the increase in oil production at 400 thousand barrels.
Brent crude futures rose 2.4% today to reach $ 71.38 a barrel in morning trading, while US crude oil rose 2.39% to reach $ 68.09 a barrel.
Brent crude futures climbed to close at 80 cents, or 1.2%, to $ 69.67 a barrel yesterday, after hitting a low of $ 65.72 during the day, while US West Texas crude futures Intermediates rose 93 cents, or 1.4 percent, to $ 66.50 a barrel after falling to $ 62.43.
Opec Plus said it is keeping its meeting open to follow up on developments in the pandemic and to make the necessary adjustments immediately. He also decided that the next meeting will be on the 4th of next January.
According to the internal research unit of the Organization of Petroleum Exporting Countries, in the first quarter of quest’year a surplus in global oil markets of 3 million barrels per day is projected, which could reach 4.8 million barrels per day under the worst-case scenario of oil demand developments.
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