Friday, August 6, 2021

Global crude oil prices post a third consecutive weekly rise

Global crude oil prices posted a third consecutive weekly rise last week, buoyed by successful COVID-19 vaccine trials, while renewed lockdowns in several countries to limit the spread of the Coronavirus capped gains. So, Brent crude oil futures ended the week at USD 44.96 a barrel. While, US crude futures for January contract closed the week at USD 42.42 a barrel. Both benchmarks gained about 5 per cent this week.

Also, boosting sentiment was hope that the Organization of the Petroleum Exporting Countries, Russia and other producers will keep crude output in check. The group, known as OPEC, was expected to delay a planned production increase.

OPEC, which meets on November 30 and December 1, is looking at options to delay by at least three months from January the tapering of their 7.7 million barrel per day cuts.

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