[ad_1]
Oil prices continued to climb thanks to today’s U.S. election, in light of a state of recovery in financial markets today, Tuesday, but concerns about rising injuries
Oil prices continued to rise thanks to today’s U.S. election, in light of a state of recovery in financial markets today, Tuesday, but concerns over the high number of infections in coronavirus worldwide are holding back more gross gains.
Brent crude futures were up 70 cents, or 1.8%, to $ 39.67 a barrel at 8:45 a.m. GMT. West Texas Intermediate U.S. crude futures rose 78 cents, or 2.1%, to $ 37.59 a barrel. And the two benchmarks gained nearly 3% on Monday.
Both benchmarks, which fell sharply over the past week, rose briefly on Monday, after Russia’s petroleum minister held talks with national oil companies over a possible extension of the brakes on oil production in the country. first quarter 2021.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, a group known as “OPEC +”, have cut oil production since May to support prices, and reduced the drop to 7 , 7 million barrels a day in August. The group is expected to reduce cuts by 2 million barrels a day in January.
Commerzbank said: “The hope now is that continued reductions to current levels will be a necessary bridge during the second wave of Covid-19 until vaccines are distributed during (the first half of 2021).”
And Libya’s high production is also an OPEC + concern. Production is on track to reach 1 million barrels per day in the coming weeks, compared to just 100,000 barrels per day in early September.
OPEC is holding its next plenary meeting on November 30 and December 1.
Source link
