Oil prices continued to rise, in trading today, Tuesday, after the decision of countries in the “OPEC +” group to reduce more production of black gold shook the markets on Monday.
By 10:35 Moscow time, US West Texas Intermediate crude futures rose 1.04% to $81.26 a barrel.
While Brent crude futures rose by 0.92% to $85.71 a barrel, according to Bloomberg agency data.
Yesterday, Monday, crude contracts closed trading at an increase of more than 6%, as US crude rose by 6.3%, at $80.42 a barrel, while “Brent” contracts closed, up by 6.3%, also at $84.93 a barrel.
Last Sunday, Russia and eight OPEC + countries announced simultaneously and unexpectedly an additional cut in oil production by about 1.65 million barrels per day, starting from next month, to achieve stability in the global energy market.
Voluntary reductions will begin next May 2023 and will continue until the end of the year 2023. The move led to an immediate rise in the price of black gold by about 5%.
This article was originally published by RT.