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Significant increase in oil prices during the US elections

Baghdad-INA

Oil prices have resumed their rise, during the presidential elections in the United States of America, when the price of Brent crude jumped above the level of forty dollars a barrel.

The rise comes despite concerns about global oil demand due to the rise in coronavirus cases around the world.

Brent crude futures rose 3% to $ 40.14 a barrel, by 15.25 Moscow time, while West Texas Intermediate crude futures rose 3.31% to $ 30.03 a barrel.

The countries of the OPEC group have decreased oil production since last May to support prices, and they reduced the reduction to 7.7 million barrels per day last August. The group is set to reduce the cuts by two million barrels per day in January.

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