Brent down recording quarterly losses by about 23%‎

Oil prices declined upon settlement of trading on Friday the 30th of September, recording monthly and quarterly losses, but recorded weekly gains.

Upon settlement of transactions, US crude futures fell by 2.14% to $79.49 a barrel, but recorded weekly gains of about 1%.

However, the crude recorded monthly and quarterly losses of about 11% and 25%, respectively.

Brent crude contracts also fell 0.6% to $87.96 a barrel, while weekly gains were recorded by 2.2%.

Moreover, the global crude recorded monthly and quarterly losses of 8.8% and 23%, respectively

A Reuters survey showed that OPEC oil production rose this month to its highest level since 2020, by 210 thousand barrels on a monthly basis to 29.81 million barrels of oil per day.

According to the statement, Saudi Arabia, Nigeria and Libya supported the increase in oil production this month.

For his part, Stephen Brennock, an analyst at PVM, said that oil prices will receive a strong boost next week, as the OPEC + alliance will want to protect the price floor at $ 90.