Oil prices rise to $ 55 a barrel for the first time in 10 months

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Oil prices rise to $ 55 a barrel for the first time in 10 months

Reuters

On Friday, oil prices recorded a rise, as the price of a barrel of Brent crude reached $ 55 in light of the revival of hope for the return of economic recovery, coinciding with the control of the epidemic through vaccination and the return of discipline to “OPEC”.

This is the first rise of its kind since February 26th.

“Saudi Arabia’s decision to unilaterally reduce its production by an additional million barrels per day continues to reinforce the upward trend in prices, while the arrival of vaccines on the prospects for future demand gives reassurance” in the global economic arena, said Neil Wilson, an expert at Markets.com.

And Riyadh had announced, after a meeting of OPEC and its partners on Tuesday, to unilaterally reduce its oil production during the next February and March.

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Oil rises a dollar, thanks to talks

Experts believe that the outcome of the US presidential elections in recent days and the decline in US oil inventories played a role in the recovery of black gold prices.

Source: French newspaper “Capital”





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