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Oil prices rise as OPEC Plus prepares to cut production

News Date: 3/10/2022 03:36:24

Japanese stocks opened today’s trading on a positive note, dragging its indices to the upside, especially chips and energy stocks.

So, the Nikkei index rose by 1.07% to reach 26,215.79 points, while the Topix index advanced by 0.63% to reach 1847.58 points, after it witnessed a sharp decline that reached 1.12%.


The gold opened the first week of October with a strong and clear rise, in light of the decline in the US dollar.

The futures contracts for gold rose during trading on Monday by 0.2%, to reach the levels of 1675 dollars, while the spot contracts for gold rose by 0.3% to reach 1665.29 dollars per ounce.


Oil prices rose today supported by the possibility of the OPEC Plus alliance to reduce crude oil production, by more than one million barrels of oil per day, to support the oil market.

US NYMEX crude rose by 2.8 percent to nearly $82 a barrel, while Brent crude oil jumped more than 2.7 percent to nearly $88 a barrel.

As for the oil futures contracts for the month of November, as the futures contracts for Brent crude decreased by 0.6 percent to reach the price of $ 87.96 a barrel, while the futures contracts for West Texas crude decreased by 2.1 percent to record $ 49.79 a barrel. 

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