Oil prices rose in early trading today (Monday), after Saudi Arabia and other countries in the “OPEC +” alliance announced a voluntary reduction in production by 1.16 million barrels per day, from next May until the end of 2023.
And by 04:50 GMT, Brent crude futures contracts increased $ 4.16, or 5.21%, to $ 84.05 a barrel, to reduce its gains at the beginning of trading, after it recorded more than $ 86 a barrel, the highest level in about a month.
US West Texas crude futures rose $4, or 5.29%, to $79.67 a barrel.
The announcement of the voluntary reduction in production aims to “achieve balance in the oil market,” while the share of Saudi Arabia and Russia in the voluntary reduction amounted to 500,000 barrels per day for each.
Okaz (Jeddah) @Okaz_online