by Laura Sanicola
NEW YORK (Reuters) – Oil prices in the United States closed higher on Friday after an earlier decline, supported by expectations that the Organization of Petroleum Exporting Countries, Russia and its allies, known as OPEC+, they would maintain production cuts.
However, both benchmarks fell for the week after hitting multi-year highs on Monday, with Brent facing its first weekly decline in nearly two months.
Brent Crude Oil advanced $0.6 to close at $84.38, while US Crude Oil (WTI) rose $0.76, or 0.9%, to $83.57.
“Although more Iranian supply may be available, it appears that OPEC+ is unlikely to increase production, which is giving strength to the market today,” said John Kilduff, partner at Again Capital LLC in New York.
Prices have been pressured since Wednesday by a report indicating that US crude inventories rose 4.3 million barrels in the last week.
Iran said negotiations on the resumption of the international agreement on its nuclear program will resume at the end of November, moving closer to increasing oil exports.
Fossil fuel rose in 2021 as economies rebounded from the Covid-19 pandemic.
(Additional reporting by Alex Lawler, Roslan Khasawneh in Singapore and Sonali Paul in Melbourne)
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