High Oil Prices With The Start Of “OPEC +” Coalition To Implement Reduction Agreement

Brent crude contracts for September delivery rose today, Thursday, by 0.4 percent to trade at 44.5 dollars a barrel, thanks to the start of the “OPEC +” coalition countries to implement the agreement, which requires a historic reduction of 9.7 million barrels per day, immediately after sharp declines in oil prices.

Support for the rise is another factor in the demand side, which is the return of many countries to the opening of their economies gradually, which means optimism to move the demand for oil.

In addition to the factor reassuring of the Saudi market when prices fell, it is ready to take additional measures to restore stability to them.

WTI (American) crude for September delivery also rose 0.4 percent to trade at $ 42.1 a barrel.

The recent oil rises come after sharp declines of previous sessions due to the accumulation of global stocks and a significant decrease in demand due to the repercussions of the Coronavirus, which led to the closure of the borders of the world.