Oil market: Oil prices consolidate their gains PiPa News

Oil prices were heading for a weekly gain of over 4% yesterday.

The soaring price of black gold has been stimulated, for several weeks, by strong global energy demand, driven by the improvement in the health situation, as well as by the rise in gas prices, which encouraged the switch to oil. for the production of electricity.

The surge in oil prices also follows the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to stick to planned plans to increase production by 400,000 barrels. per day of additional market supply in November, far from the expectations of consumer countries.

They wanted, in view of what they call “a global energy crisis”, the placing on the market by the Opep + alliance of large quantities of crude in a context characterized by rising gas prices.

Continuation of the article in the paper edition

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