Oil pipeline. Illustrative photo.
London/New York – Oil prices were losing at the end of the week, but then headed higher. They were responding to a report by The Wall Street Journal (WSJ) that the United Arab Emirates (UAE) is considering pulling out of the Organization of the Petroleum Exporting Countries (OPEC) and supplying more crude to the market. However, sources from the Reuters agency subsequently called the news false.
Around 17:30 CET, the price of Brent North Sea oil added 0.6 percent to 85.23 dollars per barrel. U.S. WTI crude was up nearly a percent at the same time, trading at $78.91 a barrel. Earlier, both Brent and WTI were losing more than two dollars a barrel.
Oil prices were boosted this week by strong Chinese economic data. These supported hopes for growth in oil demand in the country, the world's largest oil importer.
Today, prices faltered after a WSJ report raised concerns about the implementation of the OPEC+ agreement to cut oil production, which brings together members of OPEC and its allies. But a Reuters source said that the newspaper's report is far from true.
Oil prices in dollars per barrel (about 159 liters):
|BURZA||TYPE||CONTRACT||CURRENT PRICE||PREVIOUS CLOSURE|
|London – ICE< /td>||Brent||May||85.23||84.75|
|New York – NYMEX||WTI||April||78.91||78.16|