London (dpa -AFX) – Oil prices have reacted with a significant surcharge to the latest offer of the Opec+. The increase in the amount of funding from November by 137,000 barrels (159 liters each) was classified as a moderate on the market.
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A barrel (159 liters) of the North Sea variety Brent for delivery in December last cost $ 65.37 on Monday. That was 84 cents more than the day before. The price for a barrel of the US variety WTI with delivery in November rose by 81 cents to $ 61.69.
At the weekend, the Oil Cartell Opec+, led by Saudi Arabia and Russia, decided to take this step at an online session. The network is maintaining its course of the past few months to gradually withdraw earlier cuts in daily production. The group justified the step with the “stable global economic outlets” and low oil deposits. In addition to Saudi Arabia and Russia, the Opec+ also includes Algeria, Iraq, Kazakhstan, Kuwait, the Oman and the United Arab Emirates.
The extension of the offer was definitely not covered and was to be classified at the bottom of the expectations, said Chris Weston, analyst at the Pepperstone Group. He explains the price increase in oil with tactical purchases of dealers who were caught on the wrong foot./Stk/Mis