© Archyde.com. A pump belonging to a French oil company near Rennes, France, on February 28, 2022. Photo: Pascal Rossignol/Archyde.com.
MELBOURNE (Archyde.com) – It rose slightly in early trade following OPEC+ countries reaffirmed their oil production targets ahead of the European Union’s ban and cap on Russian crude, which takes effect from Monday.
Meanwhile, in a positive sign for fuel demand, more Chinese cities eased anti-COVID-19 restrictions over the weekend.
Crude futures rose 39 cents, or 0.5 percent, to 85.96 a barrel at 2309 GMT, while US West Texas Intermediate crude futures rose 37 cents, or 0.5 percent, to $80.35 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, called the OPEC + group, agreed on Sunday to stick to the agreement they reached in October to cut production by 2 million barrels per day from November until the end of 2023.
Analysts said that the OPEC + decision was expected, with major producers waiting to know the impact of the European Union ban on imports and the decision of the Group of Seven industrialized countries to set a ceiling for the price of Russian seaborne oil at $ 60 a barrel, with Russia threatening to cut supplies to any country that adheres to this ceiling.
(Prepared by Hassan Ammar for the Arabic Bulletin)
