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Oil: Prices up slightly this Friday

05/11/2021
Categories: Raw materials

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Oil settles around $80 after OPEC+ summit. Oil prices were up slightly on Friday.

Around 10:35 a.m. GMT (11:35 a.m. CET), the price of a barrel of Brent North Sea oil for January delivery was up 0.61% from the previous day's close, at $81.03. In New York, a barrel of West Texas Intermediate (WTI) for the month of December rose 1.09% to 79.67 dollars. The OPEC+ summit saw the producer cartel confirm its cautious march of rising supply for the month of December. In this context, the members of the Organization of the Petroleum Exporting Countries (OPEC) and their ten allies via the OPEC+ agreement decided on Thursday to limit the increase in their production to 400,000 barrels per day in December. This strategy, favorable to producers' coffers, currently leaves a reserve of more than 4 million barrels underground every day.

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