OPEC Plus maintains the policy of reducing production... and oil touches $90.
Oil prices continued to rise, supported by OPEC Plus’ commitment to cuts, with the continuation of the Gaza and Ukraine wars. Brent crude futures contracts were trading at $89.67 per barrel today, the highest level since late last October, and US West Texas Intermediate crude futures for delivery next May rose 73 cents to $85.88 per barrel. The size of the mandatory reduction in crude oil by members is approximately 3.66 million barrels per day, and will continue until the end of this year, while the voluntary reduction amounts are 2.2 million barrels a day.