09:30 - 5.11.2024

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 November 5, Fineko/abc.az. Prices for oil of benchmark grades are increasing in Tuesday's trading on the decision of OPEC+ member countries to extend voluntary production cuts.

The price of Brent crude futures for January on the ICE Futures exchange increased by $0.09 (0.12%) to $75.17 per barrel by 09:26. Following the trading on November 4, January’s Brent crude futures rose by $1.98 (2.71%) to $75.08 per barrel.

The price of December’s WTI oil futures on the NYMEX commodity exchange grew by $0.08 (0.11%) to $71.55 per barrel by 09:26. Following the trading on November 4, WTI oil futures for December increased in price by $1.98 (2.85%) to $71.47 per barrel.

According to Dow Jones, on November 4, both brands finished at their highest levels since October 25.

Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman have announced that they are extending a voluntary reduction in oil production by 2.2 million b/d for one month, until the end of December 2024.