Oil declines as OPEC plans to increase production

OilAfter news of OPEC+’s intention to increase its production overshadowed optimism about a possible trade agreement between America and China and American sanctions on Russian oil companies.

And Brent crude (0.4%) to ($65.68), and West Texas Intermediate crude (0.2%) to ($61.41).

OPEC production increases

Sources said "Eight OPEC+ countries tend to increase their production in December, while Saudi Arabia seeks to regain its market share".

Analysts explained that the US sanctions on "Lukoil" and"Rosneft" It may limit Russian exports and support prices later.

Despite last week’s gains supported by sanctions and high US demand, fears of weak global demand are still pressuring the market.

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