2024-02-01 12:00:00
Written by – Marwa Al-Ghoul Thursday, February 1, 2024 02:00 PM
Oil prices rose today, supported by Federal Reserve hints regarding a possible start of interest rate cuts at a time when China unveiled new support measures for the faltering real estate market.
Brent crude futures rose 43 cents, or 0.5%, to reach $80.98 per barrel, and US West Texas Intermediate crude futures rose 44 cents, or 0.6%, to $76.29 per barrel, following falling more than two dollars per barrel in the last session. According to the Oman News Agency.
Senior ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia in what is known as the OPEC+ group are scheduled to meet online on February 1.
OPEC+ is likely to decide its oil production levels for April and beyond in the coming weeks as the meeting will be held very early to make decisions on further production policy.
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