Oil prices rose at the end of the week

Oil prices rose at the end of this week, with the price of US oil WTI reaching almost a seven-year high. For the whole week, prices increased by about 4%. The reason is the continuing high demand for the commodity from the largest consumers, while the Organization of the Petroleum Exporting Countries (OPEC) and its allies did not listen to the request for a more significant increase in production. At its meeting on Monday, the OPEC + group (OPEC and other producers led by Russia) decided to continue to increase production according to the originally agreed plan. This means in the coming months only about 400,000 barrels per day (1 barrel = 159 liters). At the same time, the largest oil importers, including the USA, demanded a more significant increase in production, as the demand for economic recovery from the pandemic of the new coronavirus is growing significantly. The price of the Brent North Sea oil mixture with delivery in December reached USD 82.39 (EUR 71.22) per barrel at the end of Friday's trading. Compared to the previous deadline, this represents an increase of 44 cents (0.54%). At the beginning of the week, it jumped to a three-year high of 83.47 USD / barrel. The price of American light oil WTI with the November contract rose more significantly. It closed trading at USD 79.35 / barrel on Friday, which means an increase of USD 1.05 (1.34%) compared to the previous closing date. It was the highest deadline since October 31, 2014.