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Black gold market: Oil backtracks on the eve of OPEC+

01/09/2021
Categories: Raw materials

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On the eve of a new OPEC+ summit, oil prices fell back on Tuesday August 31, 2021. This meeting should renew the monthly increase in cartel production decided last month.

Around 09:25 GMT (11:25 CET), a barrel of Brent from the North Sea for delivery in October, of which it is the last trading day, was worth 72.97 dollars in London, down 0.60% compared to the day before closing. In New York, the American barrel of WTI for the same month lost 1.00% to 68.52 dollars. The members of the Organization of the Petroleum Exporting Countries (OPEC) and their ten allies meet by videoconference on Wednesday at 3:00 p.m. GMT (5:00 p.m. in Paris and Vienna, at the headquarters of the cartel) to assess their strategy of gradually opening the water tap. 'black gold. The group planned at the last ministerial summit on July 18 to increase its production each month by 400,000 barrels a day, with the long-term objective of putting back in the pipes the 5.4 million daily barrels that it still leaves underground. .

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