Oil prices added about 3% during Friday’s trading session, as Brent broke above $97 a barrel for the first time since the end of August.
World oil prices finished the week with the highest increase since March, according to data on Friday, October 7.
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Thus, the price of December futures for Brent crude on the London ICE Futures exchange exceeded $97 per barrel, which is $2.59 (2.74%) higher than the closing price of the previous session.
WTI oil prices for November in electronic trading on the New York Mercantile Exchange (NYMEX) rose $2.84 (3.21%) to $91.29 per barrel.
In general, by the end of the week, the increase in oil prices may exceed 13%.
The sharp increase in oil prices was provoked by the decision of OPEC + to reduce production by two million barrels per day – the maximum since the beginning of the coronavirus pandemic.
Analysts believe oil prices could return to levels above $100 a barrel next year due to lower supply and rising demand in China.
It will be remembered that the G7 countries decided to limit prices for Russian oil on September 2, but the level of the price ceiling has not yet been determined.
Russia has already threatened to withhold oil supplies in response to falling prices.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.