Oil prices rise as “OPEC +” meeting awaits

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Mubasher: Oil prices rose by more than 1 percent during Thursday’s trading, with the results of the “OPEC +” meeting awaiting.

A report by “Reuters” agency stated that OPEC and its allies are studying extending oil production cuts to April instead of increasing them, referring to the fragile nature of the recovery in oil demand with the continuing crisis of the Corona virus.

The US Energy Information Administration showed yesterday Suddenly high oil stocks In the United States, about 21.6 million barrels last week, and US oil production increased by 300,000 barrels per day.

By 1:53 pm GMT, the price of US NYMEX crude futures for April delivery rose 1.6 percent to $ 62.33 a barrel.

The price of futures contracts for Brent crude for May / May delivery rose 1.5 percent to $ 65.03 a barrel.







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