Oil prices rose on Friday, in the wake of higher stock markets. With a settlement of $75.88, a barrel of West Texas Intermediate became 1.1 percent more expensive. On a weekly basis, a barrel of WTI was worth 2.6 percent more. Brent oil recorded just under $ 80 on Friday and became a weekly base about 3.5 percent more expensive.
Investors are waiting for the OPEC+ meeting, which takes place on Monday. According to news agency Reuters, OPEC + is considering increasing production beyond the agreed 400,000 barrels per day. For the time being, Market followers expect OPEC+ to maintain the current production agreements.If OPEC+ sticks to the plan, we won’t see much downside risk and remain positive about the oil markets in the coming months, especially now that China has ordered state-owned energy companies to increase their stocks with the winter approaching. This could lead to panic buying in physical oil markets, which supports oil prices.
