Oil prices rise as OPEC Plus cuts production

5 September 2022

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Oil prices rose by more than 3 percent on Monday, which is due to an increase in profits for the producing countries, with members of the “OPEC Plus” agreeing to reduce production slightly in order to support prices.

The price of Brent crude, supplied for the month of November, rose $3.43 to $96.45 a barrel.

The price of West Texas Intermediate crude also rose by $2.94 to reach $89.87 a barrel.

The Organization of Petroleum Exporting Countries “OPEC” and its allies, in the “OPEC Plus” organization, will reduce production by one hundred thousand barrels per day, and this does not exceed 0.1 percent of global demand for the month of October.

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