Today, Friday, oil prices rose by about 2%, and prices are poised for a record weekly increase in about 4 months after the OPEC+ decision to cut production to support oil markets.
And by 16:35 Moscow time, the international futures contract for Brent crude rose by 1.93% to $96.24 per barrel.
Meanwhile, according to trading data, futures for US West Texas Intermediate oil rose by 2.15% to 90.35% per barrel.
Last Wednesday, the OPEC+ group decided to cut the group’s production by two million barrels per day, starting next month, November 2022.
This comes after a meeting held by a group that includes oil-producing countries from the Organization of the Petroleum Exporting Countries and beyond in Vienna to discuss oil markets and production strategies amid fears of a global economic recession.