Oil prices in global markets recorded weekly gains of more than 16%, as the global benchmark Brent achieved weekly gains by about 11%, and US West Texas Intermediate crude achieved gains by about 17%, and prices recorded their highest level in 5 weeks at the end of Friday’s trading, rising by about 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 about 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.