Published on: Friday, November 10, 2023 – 4:13 AM | Last updated: Friday, November 10, 2023 – 4:13 AM
Oil futures prices recorded a significant increase during Thursday’s trading, after technical metrics showed that the significant decline in prices over the past days and reaching their lowest levels in 3 months was exaggerated.
Bloomberg News Agency reported that the price of West Texas Intermediate crude, the US oil standard, rose by about 1% to about $76 per barrel after falling by about $5 over the past two days.
Oil prices also benefited from US unemployment claims data, which indicated a calm labor market, which could reduce the need for further interest rate increases by the US Federal Reserve.
At the same time, Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday that oil consumption is still good and held speculators responsible for the recent decline in oil prices. Earlier this year, the Kingdom of Saudi Arabia criticized traders in the oil market due to the sharp decline in prices and warned speculators against falling prices through short selling of futures contracts of losses, which the markets interpreted as the Kingdom, which is the largest oil exporting country in the world and leads the Organization of Countries. Petroleum Exporting Countries (OPEC) intends to reduce its oil production during the coming period.
Indeed, earlier this year, the Kingdom announced a reduction in its oil production by one million barrels per day for several months, then extended the reduction until the end of the current year.
This reduction is in addition to the voluntary reduction that the Kingdom previously announced in April 2023, which extends until the end of December 2024.
By 12:30 p.m. New York time, the price of West Texas Intermediate crude oil rose by 1% to $76.09 per barrel for next December delivery.
The price of Brent crude, the global oil standard, rose by 1.1% to $80.38 per barrel for delivery next January.
2023-11-10 02:14:19
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