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Oil prices rise during Friday's trading, but record weekly losses
Oil prices rose during Friday's trading, September 27, at the settlement, but recorded a weekly decline for the first time in the past three weeks, as investors assessed the impact of expectations of increased production from Libya and other countries in the OPEC+ alliance, against economic stimulus plans in China, the largest oil importer.
Brent crude futures rose 38 cents, or 0.53%, to settle at $71.98 a barrel, but recorded weekly losses of 3.37%.
US crude futures also rose 51 cents, or 0.75%, to settle at $68.18 a barrel, but recorded weekly losses of 5.2%.
The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, intends to move towards implementing an increase in oil production by 180,000 barrels per day starting in December.
The Financial Times reported on Wednesday, September 25, that this planned increase is due to Saudi Arabia’s decision to abandon its target of reaching $100 per barrel oil prices, and its intention to increase production in order to regain its market share. This comes at a time when delegations from the two rival legislative bodies in eastern and western Libya signed an agreement on Thursday, September 26, to resolve the crisis over the leadership of the central bank.
