OPEC+ decision and concerns about Russian supplies … a rise in oil prices

Oil prices rose today, Tuesday, after the “OPEC+” group decided to increase production with less than the expectations of dealers in the market, while price support continued as a result of concerns about the shrinking supply due to the possibility of imposing new sanctions on Russia.

Brent crude rose 22 cents, or 0.33%, to 66.24 dollars a barrel by 00:05 GMT, while the US West Texas Intermediate crude increased 24 cents, or 0.39%, to $ 62.50 a barrel. And eight members of “OPEC+”, which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, on Sunday to increase production from the consideration From October by 137 thousand barrels per day. This is much less than the monthly increases, which amounted to about 555 thousand barrels per day for the month of September and August, and 411 thousand barrels per day for the month of July and Haziran. It is also less than some analysts expected, according to Reuters.