Oil prices enhance their strong profits as the OPEC Plus alliance’s decisions are awaited by the Arab Trader

Arabictrader.com – Prices increased their strong profits during Thursday’s trading, coinciding with the markets’ anticipation of the issuance of the decisions of the OPEC Plus alliance, which will be held today, regarding oil production levels in the coming period, and the issuance of some reports that spoke of the possibility of enhancing production cuts in the first quarter of next year, This may lead to a scarcity of oil supplies in the markets during the coming period, and this in turn provides support for the current price levels of crude oil.

During today’s trading, Brent crude contracts rose by 1.53% to reach $84.25 per barrel. At the same time, West Texas crude contracts rose by about 1.50% to reach $79.07 per barrel.

Crude oil prices rose during trading today, due to concerns about the lack of oil supplies in the markets, coinciding with the markets’ anticipation of the issuance of the OPEC Plus alliance’s decisions regarding oil production levels in the coming period, especially with the issuance of some reports that spoke of the alliance members agreeing in principle on an additional reduction in production. Oil at more than one million barrels per day.

The reports added that the OPEC Plus alliance is considering deepening production cuts to about 2 million barrels during the first quarter of next year, due to strengthening concerns about global demand for crude oil. The reports issued, citing some informed sources, continued that it will continue its voluntary reduction of one million barrels per day, while The additional cuts announced today will come from other members, and these reports have had a markedly positive impact on crude oil prices.

In addition, oil prices are still being supported by the storm in the Black Sea region, which has negatively affected oil exports from Kazakhstan and Russia significantly, as government reports and statements indicate that up to two million barrels of crude oil have been disrupted per day due to this crisis. The storm, which may weaken the oil supply in the markets.

Regarding other energy prices, apart from crude oil, gasoline contracts for delivery next January recorded an increase of 0.32% and reached $2.2544 per gallon, while contracts rose by 1.18% to settle near $2.840 per million thermal units. Meanwhile, contracts recorded an increase of 1.01% to record about 2.8372.

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