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Oil: Prices recovered on Friday

02/09/2022
Categories: Raw materials

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Oil prices recovered on Friday after a week of loss, ahead of the OPEC+ oil exporting countries' meeting, prospects for a return to the deal on Nuclear Acute; Iranian area moving away, and with them, the extra barrels that the country could inject.

Around 09:20 GMT (11:20 CET), the North Sea Brent barrel for delivery in October rose from 2.39% to 94.57 dollars. Meanwhile, a barrel of American West Texas Intermediate (WTI) for delivery in September was 2.39%, at $88.68.

Prices were recovering after falling to levels close to their summer lows, as the market was “concerned about the slowdown in demand in a context of increasing threat of global recession,” explains Victoria Scholar, an analyst at Interactive Investor. On 8 August, the EU presented what it called a final text to restore the historic 2015 Iranian nuclear deal, from which former US President Donald Trump had withdrawn.

The Organization of Petroleum Exporting Countries (OPEC) and their ten allies (Opep+) are meeting by videoconference in Vienna, the group's headquarters, on Monday to adjust their production for the month of October.

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