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Oil prices recorded 73.14 for Brent and 71.10 for US crude

Today, oil prices recorded $73.14 a barrel for the global benchmark Brent crude futures contract, and the US West Texas Intermediate crude futures contract recorded $71.10 a barrel.


According to international media reports, oil prices in global markets witnessed a decline today, Monday, as a result of concerns about the demand for fuel.


Brent crude prices recorded their first weekly gains in a month, by 0.7%, at the end of trading sessions in the futures markets last Friday, and the US West Texas crude contracts recorded their first weekly gains in three weeks, by 0.4%.


The major oil producers had agreed at a meeting of the Organization of the Petroleum Exporting Countries, to increase production by 400,000 barrels per day each month, starting from next August, and the OPEC member states confirmed, during a press conference, the extension of the oil production agreement until the end of 2022 instead of next April. A statement issued by the two conferees confirmed that they plan to end the cuts completely by September 2022 if market conditions permit.