Oil prices rise for the third week on OPEC+ production cut and US inventory decrease.
Shafaq News/ Oil prices have risen for the third consecutive week due to the sudden decision of the OPEC+ coalition to reduce production and the decrease in inventories in the United States.
Crude prices surged by 6.3% on Monday following OPEC's decision to cut more than one million barrels of daily production starting in May.
The prices continued to rise due to an increase in Chinese demand for fuel and the weakness of the US dollar. Geopolitical tensions are also easing in the Middle East as Saudi Arabia and Iran diplomats meet to de-escalate their rivalry.
The US crude stockpiles fell by 3.7 million barrels, adding to the market supply crisis. However, traders will continue to monitor the economic figures in the United States to reveal signs and possibilities of recession in the economy, in addition to the Federal Reserve's decisions to raise interest rates.
