Shafaq News/ "Bloomberg" agency quoted today a delegate of the Organization of the Petroleum Exporting Countries (OPEC), saying that a preliminary agreement was reached, on Thursday evening, between OPEC+ members, to set a meeting tomorrow, Saturday; to sign an agreement to reduce oil production.
Following these developments, Brent crude forward contracts rose 27 cents, equivalent to 0.7%, to $ 40.26/barrel, at 06:20 GMT, while West Texas Intermediate crude forward contracts rose 17 cents, equivalent to 0.5% to $ 37.58/barrel.
After a week of controversy between Russia and Saudi Arabia, both parties finally agreed on an initial deal with Iraq, which was hesitant to accept reducing production on the ground of the economic crisis the state is experiencing.