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LM
| 1 hour ago
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Oil prices jumped more than 2% on Monday, after the OPEC+ group announced yesterday Sunday that it would postpone its planned December production increase by a month, and the market prepares for a crucial week that includes the US presidential elections.
Brent futures rose $1.81 a barrel, or 2.5%, to $74.91 a barrel at 0921 GMT.
U.S. West Texas Intermediate crude also rose $1.86, or 2.7%, to $71.35 a barrel.
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia and other allies, said yesterday Sunday it would extend production cuts amounting to 2.2 million barrels per day for an additional month after December, having already postponed the production increase that was due to begin in October due to low prices and falling demand.
The OPEC+ group was to increase its production by 180,000 barrels per day in December.
“Given ongoing concerns about economic growth, we believe the group wants more clarity on the economic impact of lower U.S. interest rates and easing of fiscal and monetary policy in China,” he said. said Giovanni Stanovo, analyst at UBS. He added: “The group should also get a clear picture of the next US president and the impact of countries reducing production to compensate for production quantities exceeding their quotas in the past. »
It was expected that OPEC+ members would begin phasing out additional voluntary production cuts of 2.2 million barrels per day by increasing production in December 2024 and subsequent months, while remaining reductions in 'OPEC+ of 3.66 million barrels per day would remain in effect until the end of 2025.
Brent and West Texas Intermediate crude oil fell last week by about four and three percent respectively, with prices affected by record production in the United States.
But they rose Friday amid reports that Iran could launch a retaliatory attack on Israel within days.
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