Brent crude prices also rose for the fourth consecutive day in light of concerns about supplies, especially after the Organization of the Petroleum Exporting Countries “OPEC” and its allies, within the framework of the “OPEC +” group, decided on Monday to continue increasing production as planned instead of raising it by more than that.
US West Texas Intermediate crude rose earlier to $79.47 a barrel, the highest level since November 2014.
Crude was up 0.53 percent, or 42 cents, to $79.35 a barrel by 0652 GMT, Reuters reported.
Brent crude rose 0.8 percent, or 66 cents, to $83.22 a barrel, close to its highest level in three years, which it recorded in the last session.
agreement to increase production
And “OPEC +” agreed on Monday to abide by the July agreement to increase production by 400,000 barrels per day each month until at least April 2022, to gradually abandon cuts that currently amount to 5.8 million barrels per day.
“Crude oil continued its gains as investors feared a tight market, as the energy crisis raises demand,” analysts at ANZ said in a note.
They added, “The (OPEC +) increase was much less than the market had expected, given the energy predicament around the world. It is not surprising that there is speculation that OPEC will have to act before the next scheduled meeting if demand continues to rise.”
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