[국제유가] The advance continues on the resolution of large-scale production cuts in oil-producing countries… WTI, 0.78% ↑ By MoneyS

[국제유가] The increase continues on the decision of large scale production cuts in oil producing countries… WTI, 0.78% ↑

International oil prices have risen.

On the New York Mercantile Exchange (NYMEX) on the 6th (local time), US West Texas Intermediate crude for November () finished trading at $88.45 per barrel, up 0.69 dollars (0.78%) from the previous trading day.

On the ICE Futures Exchange in London, UK, the Brent contract for December rose $1.05 (1.12%) to $94.42 a barrel.

International oil prices continued to rise following large scale production cuts by major oil producing countries.

Yesterday, the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, a consultative group of major non-OPEC oil producing countries such as Russia, held a ministerial meeting at the OPEC headquarters in Vienna, Austria, and decided to cut crude oil production by 2 million barrels the day starts next month.

This is the biggest decision to cut production since the novel coronavirus infection (COVID-19) pandemic, accounting for 2% of global supply.

Seo Sang-young, a researcher at Mirae Asset Securities, said, “International oil prices have continued to rise since OPEC+ announced an output cut of 2 million barrels the day before. It is believed to have had an impact.”

“Russia’s continued warning to stop supplying countries involved in crude oil sanitation is also one of the factors driving the increase in international oil prices,” he added.

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