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World oil prices rise amid expectations of OPEC supply cuts

The Address | Benghazi – Libya

NEW YORK – Oil prices rose on Friday amid expectations of a cut in supplies from the Organization of the Petroleum Exporting Countries (OPEC), despite being affected by a record increase in US production.

Brent crude for $ 67.49 a barrel, up 1.3% from the previous settlement, and US crude oil futures rose by 0.9% to $ 56.96 a barrel.

Prices have received support mainly from expectations that OPEC will cut production soon for fear that the trend of crude to fall again, as happened in 2014 under the weight of supply.

For its part, Saudi Arabia, which leads the organization, wants OPEC to reduce supplies by 1.4 million barrels per day, equivalent to about 1.5% of global supplies, while OPEC is considering restricting supplies.


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