Oil achieves gains for the third week – Al-Hiwar Al-Jazaeryia

Oil prices recorded gains for the third week in a row, since the decision of 9 members of “OPEC” to cut production voluntarily and the decline in US inventories, as well as the escalation of concerns about the economic outlook.

Brent crude rose by about 13 cents, equivalent to 0.2%, to the level of $85.12 a barrel, at the close of trading yesterday, Thursday, and Nymex crude rose 9 cents, or 0.1%, to reach $80.70 at the settlement. The two benchmarks jumped more than 6% this week after the countries surprised “OPEC +” market last Sunday with pledges to voluntary cuts in production by 1.16 million barrels per day, from May until the end of this year.

Prices were supported by a sharper-than-expected drop in US crude inventories last week, the second consecutive week of declines, and gasoline and distillate inventories fell, indicating higher demand.

And Saudi Arabia will reduce 500 thousand barrels per day, Iraq 211 thousand barrels, the UAE 144 thousand barrels, Kuwait 128 thousand barrels, Algeria 48 thousand barrels, and the Sultanate of Oman 48 thousand barrels.