Oil prices rise after assurances from OPEC Plus

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Oil prices rise after assurances from OPEC Plus

Although assurances from OPEC Plus members Saudi Arabia and Russia indicated readiness to halt or cancel production increases today, Friday, oil prices rose, and the markets are on track to experience losses for the third week in a row.

US West Texas Intermediate crude futures increased by four cents to $75.59, while Brent crude futures increased by two cents to $79.89 per barrel.

Oil is on its way to recording losses for the third week in a row, but prices rose yesterday, Thursday, when Saudi Arabia and Russia tried to reassure the markets about production agreements.

The Association of the Petrol Trading Nations and its partners, including Russia, consented to broaden the majority of the creation cuts until 2025, however they passed on the way open for eight individuals to drop the deliberate cuts continuously.

The Saudi Energy Minister, Prince Abdulaziz bin Salman, stated on Thursday that the OPEC+ alliance could halt or cancel production increases if it determined that the market was insufficiently strong.