Oil rose more than $ 78 before the OPEC + meeting

On June 9, 2016, during a visit to the Department of Energy’s Strategic Petroleum Reserve in Freport, Texas, a picture of crude oil pipelines and valves was displayed. REUTERS / Richard Carson / File Photo

  • OPEC and its partners will meet on Monday
  • OPEC + sources say to increase supply
  • Increasing global night gas will enable energy producers to convert to gas

October 1 (Reuters) – Oil prices rose more than $ 78 a barrel this week from a three-year high due to narrow supplies due to OPEC + supply restrictions.

The Organization of Petroleum Exporting Countries (OPEC) and its partners met on Monday. The group is slowly unleashing last year’s cuts, although sources are considering doing more. Read more

Brent crude rose 26 cents, or 0.5%, to $ 78.57 at 12:01 EDT (1601 GMT), leading to a fourth weekly gain. West Texas Intermediate (WTI) increased 16 cents to $ 75.19, setting a profit for the sixth week.

Brent rose more than 50% this year and reached a three-year high of $ 80.75 on Tuesday. OPEC + is under pressure from consumers such as the United States and India to produce more products to help reduce prices.

In Mizuho Energy Future Director Bob Yagger, after Monday’s OPEC + meeting, there are questions as to whether members can add more supply.

“Only a few members have the potential to increase production without a market share, so you can increase significantly,” said lip service.

Oil prices are also gaining momentum as rising natural gas prices keep energy producers away from gas. Generators in Pakistan, Bangladesh, and the Middle East have begun refueling. Read more

“Stable oil prices are likely to be very strong because investors believe the supply gap will widen,” said Naat Aslam, an analyst at Avratrad.

The market is considering whether the democratically-controlled US Congress can push President Joe Biden’s agenda to block $ 1 trillion in infrastructure without major social spending and climate change.

Additional reports by Alex Lauller, Sonali Paul and Florence Tan; Edited by Edmund Blair, Susan Fenton and David Evans

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