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Crude oil rose and recorded weekly gains before the OPEC+ decisionAccording to sources, a decision on the extension of OPEC+ cutbacks is anticipated in the first week of March with individual nations expected to make their announcements. |
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Friday's 2% increase in oil prices was part of a weekly rise as traders digested new economic data from China, Europe and the United States while waiting for an OPEC+ decision on second-quarter supply agreements.
According to sources, a decision on the extension of OPEC+ cutbacks is anticipated in the first week of March with individual nations expected to make their announcements.
Concurrently, geopolitical unrest in the Red Sea also helped drive up prices on Friday as stated by Tim Snyder, an economist with Matador Economics.
Brent futures for May increased by $1.64 or 2%, to settle at $83.55/barrel whereas the Brent futures for April expired on 29 February 2024 at $83.62/barrel.
WTI futures rose by $1.71 or 2.19% to settle at $79.97/barrel.
