Oil prices rise on the outcome of the OPEC + meeting

Oil prices rise on the outcome of the OPEC + meeting

Oil prices rise on the outcome of the OPEC + meeting

Benchmark oil prices are rising steadily during trading on Friday following the results of the OPEC + Monitoring Ministerial Committee (JMMC).

The OPEC + Ministerial Monitoring Committee (JMMC) has recommended that countries involved in the oil limitation deal should be prepared to take further measures to stabilize the market if necessary.

The timing of compensations for the unreduced OPEC + production volumes has been extended until the end of 2020, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman told reporters. According to him, there is confidence to believe that in September-December 2.4 million bbl / d of the under-cut OPEC + volumes will be compensated.

“In the current environment, JMMC emphasized the importance of proactive and proactive action and recommended that participating (in the OPEC + deal) countries be ready to take further action if necessary,” the OPEC said in a statement following the committee meeting.

The day before, the market was supported by data on a decrease in US oil reserves. On Wednesday, the US Department of Energy announced that the country's commercial oil reserves last week decreased by 4.39 million barrels – to 496.04 million barrels. Gasoline inventories decreased by 381 thousand barrels and amounted to 231.52 million barrels. Commercial stocks of distillates increased by 3.46 million barrels to 179.31 million barrels.

The cost of November futures for Brent oil on the London ICE Futures exchange by 08:33 Moscow time on Friday amounted to $ 43.64 per barrel, which is $ 0.34 (0.79%) higher than the price at the close of the previous session. As a result of trading on Thursday, these contracts rose in price by $ 1.08 (2.56%).

The price of WTI crude oil futures for October in electronic trading on the New York Mercantile Exchange (NYMEX) by this time increased by $ 0.31 (0.76%) – to $ 41.28 per barrel. On Thursday, futures rose $ 0.81 (2.02%).

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