Oil prices settle up as Iraq backs more output cuts from OPEC+

Oil prices settle up as Iraq backs more output cuts from OPEC+
# 11 November 2023 01:09 (UTC +04:00)

Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+'s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty, APA reports citing Reuters.

Still, prices settled with weekly losses of 4%, their third straight weekly decline.

"This was the perfect technical storm. We came into this week with an almost record short position and now we're seeing some short covering going into the weekend," said Phil Flynn, an analyst at Price Futures Group.

In the U.S., energy firms cut the number of oil rigs operating for a second week in a row to the lowest since January 2022, energy services firm Baker Hughes(BKR.O) said. The rig count points to future output. Brent futures rose $1.42, or 1.8%, to settle at $81.43 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.43, or 1.9%, to settle at $77.17.

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