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Oil Finishes Week With Significant Gains

Mohamed Abdelhamid 8 October, 2022 2:17 am Commodities, Market Update

Crude oil prices were able to finish the trading week with significant gains. WTI rose more than $10 per barrel this week as OPEC+ agreed to slash its production for November by 2 million barrels per day.

The November contract WTI prices rose to $92.64 (+4.43%) at the time of writing versus Thursday’s closing price at $88.45, despite the strong Friday’s jobs data that will most certainly translate into even higher inflation and further Fed rate hiking. Brent crude prices were trading up on Friday by $3.72 per barrel, to $98.14, but settled at $97.71 at the time of writing versus Thursday’s closing price at $94.36.

Several OPEC+ members are producing below the new targets anyway. But even a 1 million bpd increase at a time when SPR releases are soon expected to end is considerable and has the power to raise prices.

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