Oil regained strength as OPEC+ members backed output cuts

economy 13 Nov 2023

International benchmarks for crude oil ended the trading session on Friday, 10 November 2023 higher after Iraq voiced support for OPEC+ output cuts ahead of the group meeting on 26 November

International benchmarks for crude oil ended the trading session on Friday, 10 November 2023 higher after Iraq voiced support for OPEC+ output cuts ahead of the group meeting on 26 November. The gains were also supported by massive position covering by speculators.

Brent rose $1.42 or 1.8% to settle at $81.43/barrel.

WTI jumped $1.43 or 1.9% to close at $77.17/barrel.