Crude prices are heading towards a weekly rise after the voluntary production cut from “OPEC +”
Oil prices fell today, Thursday, as weak US economic data raised fears of a possible global recession and a decline in demand, but crude prices are heading towards a weekly rise after the “OPEC +” group announced more production cuts, in addition to a decline in US oil stocks.
By 04:20 GMT, Brent crude futures fell 89 cents, or 1.05%, to $84.10 a barrel, and West Texas Intermediate crude futures fell 89 cents, or 1.1%, to $79.72 a barrel.
The two crude prices rose by more than 5.5% this week, heading towards recording gains for the third week in a row, after the “OPEC +” group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and independent producers, including Russia, announced additional voluntary cuts in production.
And US government data revealed that US crude stocks fell by 3.7 million barrels last week, more than expected by about 1.5 million barrels.
