Crude oil prices went down up to 2.75 percent for the second consecutive week after rallying for seven straight weeks in the international market.
Brent, the international benchmark for two-thirds of the world’s oil, shed 1.17 percent during the week to reach $82.74 from $83.72 a barrel. Brent, however, rose 7.5 percent in October and is up around 60 percent on the year.
Similarly, the US West Texas Intermediate (WTI) reached $81.27 from $83.57, down by 2.75 percent during the week. WTI gained 11 percent in October while it is around 70 percent up on the year.
During the week, the price for Opec Basket decreased to $81.42 from $82.41 with 1.21 percent decrease, Arab Light price decreased 5.24 percent from $82.94 to $78.59 a barrel, while the price of Russian Sokol went down by 5.42 percent to reach $80.68 from $85.30.
OPEC and its allies have so far refused to increase supply after agreeing to record production cuts of nearly 10 million barrels per day. Most of those emergency cuts remain in place, giving the oil market time to heal and work off the surplus caused by the coronavirus pandemic.
The Organisation of the Petroleum Exporting Countries and its allies led by Russia, a grouping known as Opec+, on Thursday last decided to stick to its already-agreed plans to raise oil output by 400,000 barrels per day (bpd). The meeting resolved to reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC ministerial meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of December 2021.