Brent crude futures sees notable rise, surpassing 2 percent per barrel
(MENAFN) Brent crude futures experienced a notable uptick, climbing over 2 percent or USD2 per barrel, signaling a rise to USD82.61 per barrel. The surge was fueled by widespread expectations that the OPEC+ group, comprising the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, would implement further cuts in oil supplies in the upcoming weeks. Simultaneously, US West Texas Intermediate crude saw an increase of USD1.65, or 2.17 percent, reaching USD77.54.
The recent momentum in oil prices follows a 4 percent increase recorded at the end of the previous week. This surge was prompted by information from three OPEC+ sources, as reported by Reuters, indicating that the producers' alliance is poised to deliberate additional reductions in oil supplies during its scheduled meeting on the 26th of this month. Investors are keenly observing this meeting for potential market impacts, as the outcome could shape oil supply dynamics in the coming period.
In parallel, market participants are closely monitoring the potential disruption to crude oil supplies from Russia. This heightened scrutiny comes in the wake of Washington's imposition of sanctions on three ships involved in shipping Sokol crude to India. The geopolitical landscape and supply chain dynamics are contributing to increased volatility and strategic considerations within the global oil market.
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