Oil Prices Rise Due To The Voluntary Reduction In Production By Saudi Arabia And Russia

Baghdad, Oil prices rose, today, Monday, after Saudi Arabia and Russia, the two largest oil exporting countries in the world, confirmed the continuation of the voluntary reduction in their production until the end of the year, which keeps the supply scarce.

By midnight GMT, Brent crude futures rose 41 cents, or 0.5%, to $85.30 per barrel, while US West Texas Intermediate crude reached $81.05 per barrel, up 54 cents, or 0.7%.

Both crude oil prices witnessed their second weekly decline in a row last week, with a decline of about 6%, driven by an easing of the geopolitical risk premium that arose from fears of supply disruptions due to the potential expansion of the conflict in the Middle East.

Source: National Iraqi News Agency