Oil Prices Today
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| Oil Prices Today |
Oil prices recorded significant gains upon settling transactions on Friday, February 10, 2023, to achieve weekly gains of more than 8%. Brent crude oil prices closed at $86.4 per barrel, while Texas crude closed at $79.7 per barrel, and both crudes rose. yesterday by more than 2%.
Oil price gains during the past week came with the support of Russia's decision to voluntarily cut production next March by about 500,000 barrels per day, which could lead to an increase in prices in the coming months.
Russia announced through Russian Deputy Prime Minister Alexander Novak, who said:
“We sell our entire oil production, however, as we mentioned earlier, we will not sell oil to those who directly or indirectly adhere to the price cap.”
In a separate context, Baker Hughes data revealed the addition of 609 rigs for oil exploration this week, more than the expectations of 601 rigs, due to the expected increase in prices in the coming period.
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