Oil prices rise after two days of climbing to the "OPEC+" decision to increase production

Oil prices stabilized after a two-day increase, following the Opec+ Alliance’s agreement on an increase in production less than the market expectations, at a time when the rate of Ukrainian attacks targeting Russia’s energy infrastructure increases, which is concerned about supplies. Brent -RU prices rose by more than $ 65 a barrel on Monday after the 1.5% profit, while Western Texas -Tuss -Tuss -Tussy crude dropped nearly $ 62 a barrel after dropping 7.4% last week. Prices received support after Reuters reported that the Russian Kirichi Refinery closed its main production unit, after a drone attack and burning on October 4, asking traders to focus on the risks facing Russian supplies. Brent Futures Curves showed signs of softer market conditions. The time difference between the two contracts to the nearest adulthood reduced to a premium of 40 cents, after it was just under one dollar in the last days of last month, indicating that the market began to praise in the expectation of weaker balances in the near term, according to “Bloomberg” reported. Also read: Denmark attracts the inspections of oil tankers to ward off the Russian shade fleet. This comes after the OPEC+ Alliance on Sunday agreed to an increase of 137 thousand barrels per day from next month, which is far less than the expectations that prevailed in the market before the decision was issued. The decision of the coalition forms a continuation of the process of herping a new part of a total of 1.65 million barrels per day, which started last month by returning 137 thousand barrels a day to the market. In August, the coalition virtually ended a segment of voluntary cuts to which eight countries have committed since 2023, which amounts to 2.2 million barrels of oil per day, by increasing production by 547 thousand barrels per day at the time. Also read: Chairman of “Kuwait Petroleum”: Strong demand for oil absorbs OPEC+ production increases, factors that support prices. Bloomberg quoted Dennis Kessler, senior vice president of trade at Bok Financial, saying that ‘RU futures can form a support level of about $ 60 a barrel for the Western Texas -Tussentage crude oil,’ and note that the Ukrainian strikes against oil facilities are russia and the limited opec. Rough prices have fallen this year, including a 8% fall last week, amid the fear that world production will exceed demand in the coming months. The international energy agency expected a record annual surplus in 2026, while many Wall Street banks expected prices to fall in the coming months as the market balances fell. On the other hand, in August, OPEC for the first time this year has its expectations for the growth of oil demand during 2026 to 1.4 million barrels per day, an increase of 100,000 barrels from the previous month’s expectations. But this maintained his forecast for the growth of demand at 1.3 million barrels for the fifth consecutive month. In a separate context, Saudi Arabia has retained the price of its most important crude oil, which exports it to Asia, unchanged for November, despite the fact that the expectations in a “Bloomberg” survey under refineries and traders indicated the possibility of increasing the price by 30 cents a barrel.