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Oil rises to a record $ 69.3 after OPEC + decision not to increase production

Stock Markets Group – Crude oil prices rose sharply on Friday, continuing their recent gains in response to OPEC + ‘s decision to maintain the agreement to cut oil production until the end of April. Saudi Arabia said it would keep the production cut at 1 million barrels per day to to support oil prices. Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said the cut could be reversed over the next few months depending on market conditions and oil prices on global exchanges, bringing the market price of WTI crude by about 3.4% to 66 , $ 03 per barrel, the highest level since June 2019. By the end of the week, the rate of oil of the same brand added about 7%, which made buyers become more active. In turn, Brent crude oil rose by almost 4%, to $ 69.37 per barrel and also remained in the field of view of investors expecting a production cut in the future for a week The world economy is showing signs of a rapid recovery, and many traders expect that the demand for energy US energy companies have increased the number of rigs for oil and natural gas production amid rising oil prices, while maintaining that trend for a second week, according to a report released by Baker Hughes on Friday March 5. rose to 403 this week, one install more than a week earlier. According to the data, the total number of rigs has increased in the past seven months after falling to a record low of 244 in August 2020. The oil price remains the main indicator of the global economic recovery during the pandemic, so in the coming months, attention should be paid to the commodity market and the dynamics of quotations. Recall that earlier Goldman Sachs Commodities Research raised its forecast for the growth of oil prices to $ 80 per barrel of Brent in the next six months ._______________ Igor Gross, Analyst of Commodities Markets, Stock Markets Group

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