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Oil Prices Rise as OPEC+ Vows to Enforce Output Cuts

Oil prices were higher on Friday, amid hopes over a recovery in fuel demand after reports that Saudi Arabia’s crude oil exports rebounded in July to 5.73 million barrels per day from a record low of 4.98 bpd in June.

Sentiment was also lifted by reports that finance ministers and central bankers from China, Japan, and South Korea agreed today to redouble their efforts to help the region recover from the COVID-19 pandemic.

Meanwhile, OPEC+ said Thursday that the group will take action on members that are not complying with massive output cuts to support the global oil market.

At around 04:15 AM GMT, WTI crude rose by 0.4% to 41.13 a barrel, while Brend crude increased 0.5% to $43.51 a barrel.

For the week, WTI crude rose over 9%, while the global benchmark is also on track for a weekly gain, as Hurricane Sally cut US crude output.

Reuters reported that US onshore drillers began a clear-up Thursday after the hurricane weakened and started rebooting rigs in the Gulf of Mexico.

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About Babajide Iletogun

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