Oil prices rebound, edge up ahead of next week’s OPEC meeting
U.S. crude prices edged higher on Friday, turning positive after an early decline, supported by expectations that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, would maintain production cuts.
Brent crude settled 0.07% higher at $84.38 per barrel and U.S. West Texas Intermediate crude rose 0.92% to $83.57. Both benchmarks touched multi-year highs on Monday.
Crude has surged in 2021 as economies recover from the COVID-19 pandemic, but prices are on track to fall this week, with Brent facing its first weekly decline in about two months.
On Thursday, Algeria said a crude output increase by OPEC+ in December should not exceed 400,000 barrels per day (bpd) because of market uncertainties and risks. The alliance, which is gradually unwinding last year’s record output cuts, meets on Nov. 4.
British and European gas prices continued to fall on Friday after Russian President Vladimir Putin said Russia could start pumping gas into European storage.
Reference: CNBC
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