Oil prices jump 5% … Brent is above $ 67

2021-03-04 13:19

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Shafaq News / Oil prices rose about 5 percent on Thursday, while OPEC ministers and their allies discuss the future of supply cuts.

By 15:57 GMT, Brent crude futures were up $ 3.04, equivalent to 4.7%, to $ 67.11 a barrel, while US West Texas Intermediate crude increased $ 2.84, or 4.6%, to $ 64.12.

Ministers of the Organization of the Petroleum Exporting Countries and its allies began a meeting at 13:00 GMT to decide on production policy.

A source said that Russia had informed the OPEC + meeting that it was important to exercise caution and not disturb the market balance in light of intense uncertainty.

Russia also indicated that the gradual increase in supply should be cautious and step by step, according to the source.

The source added that Russia had indicated to the OPEC + meeting that it wanted to increase oil production during April to fill a deficit in the domestic fuel market.


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