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\u2019s closing price at $88.45, despite the strong Friday\u2019s 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\u2019s 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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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\u2019s closing price at …<\/p>\n","protected":false},"author":13,"featured_media":53340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846,7004],"class_list":["post-73704","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil","tag-opec-2"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=73704"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73704\/revisions"}],"predecessor-version":[{"id":73711,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73704\/revisions\/73711"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=73704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=73704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=73704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}