At 15:30 CEST on Friday, a barrel of Brent North Sea oil reached 110.5 dollars (CZK 2,678), which is a three percent increase compared to the previous day. Compared to Monday, the difference is five percent.
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The American West Texas Intermediate (WTI) light oil also showed a similar increase on Friday afternoon, which strengthened by 3.7 percent to equal $100 per barrel.
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The price increase is mainly due to the attention of investors towards the meeting of the OPEC+ group of mining countries, which will take place next week on Wednesday. The group is not expected to hear calls for increased production at this meeting.
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This decision would be disappointing for the United States. US President Joe Biden made a four-day trip to the Middle East this month aimed at pushing mining countries to increase production.
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However, according to analysts, further increases in production are complicated for OPEC+, as some member countries are already falling behind agreed production quotas.
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A weaker dollar and stronger stock markets, which the oil market often copies, also supported Friday’s rise in oil prices. A weaker dollar then makes oil cheaper from the point of view of holders of other currencies, which usually supports demand.
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