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Oil prices rose significantly on Monday after the start of declines in recent weeks. Traders have relied on evidence of reduced production. The last barrel (159 liters) of Brent from the North Sea cost 71.61 US dollars (63.12 euros). That was $ 1.43 more than Friday. The West Texas Intermediate (WTI) crude oil price increased 85 cents to $ 61.04.
During the weekend, clear signals were heard indicating a reduction in crude oil supply. First, Saudi Arabia has announced that it will reduce its oil supply by 500,000 barrels a day in December. On the other hand, comments from the ranks of the OPEC oil cartel suggest that production could decline in the coming year. The corresponding information had been provided by a major petroleum committee of the "OPEC Plus" badociation – composed of OPEC and other major producing states – over the weekend.
The price increases in the crude oil market follow a long loss. Since the beginning of October, oil prices have dropped about 20%. The main reason is that the United States implemented their oil embargo imposed on Iran much lower than expected. Given that large developers have increased their oil production in anticipation of severe penalties, there is a threat of surplus, to which producers now seem to be responding with cuts.
(APA / dpa)
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