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A New Rise In Oil Prices, With Expectations Of An OPEC + Agreement To Cut Production

Baghdad, Oil prices rose today, Thursday, thanks to expectations that the world’s major oil producers will agree to cut production at a meeting later today.

Brent crude futures rose 1.2%, or 41 cents, to 33.25 dollars a barrel by the time 05:59 GMT / 8:29 Baghdad time / the contract rose to the highest level during the session at 33.90 dollars, to record up for the second day.

US West Texas Intermediate crude futures rose 3.3%, or 82 cents, to $ 25.91 a barrel, after earlier climbing as much as 6.1%.

The Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, in what is known as the OPEC + group, will hold a videoconference on Thursday.

It is expected that the meeting will be more successful than a meeting they held last March, when they failed to agree to an extension of supply cuts, which has not sparked a price war between Saudi Arabia and Russia.

Source: National Iraqi News Agency

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