Oil prices in global markets recorded weekly gains of more than 16%, as the global benchmark Brent achieved weekly gains by regarding 11%, and US West Texas Intermediate crude achieved gains by regarding 17%, and prices recorded their highest level in 5 weeks at the end of Friday’s trading, rising by regarding 4% .
And oil prices recorded $97.92 a barrel for the Brent crude futures contract at the settlement on Friday, and West Texas Intermediate crude futures recorded $92.64 a barrel.
Today, Sunday, US Treasury Secretary Janet Yellen said that the (OPEC +) decision to reduce oil production is unhelpful and unwise for the global economy, especially emerging markets.
Yellen added, in statements reported by the American “Al-Hurra” channel, that the United States is concerned regarding developing countries and the problems they face, criticizing the slowness of the allies in sending financial aid to Ukraine.
At the conclusion of their meeting last Wednesday, October 5, the members of (OPEC +) agreed to reduce production by two million barrels per day in November, according to the group’s statement, and the group also decided to extend the “declaration of cooperation” until the end of 2023, provided that the meetings take place Ministerial every 6 months.
