Global Oil Prices Continue to Rise Amid Supply Cut Expectations

Oil prices continued their upward trend on Thursday, supported by expectations of tighter supplies as some OPEC (Organization of the Petroleum Exporting Countries) members pledged deeper production cuts to offset previous overproduction beyond agreed quotas.اضافة اعلان

According to the economic news agency Bloomberg, Brent crude futures rose by 34 cents to reach $66.19 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by 44 cents to reach $62.91 per barrel.

Supply concerns intensified after OPEC announced on Wednesday that it had received updated plans from Iraq, Kazakhstan, and other countries to implement further production cuts to compensate for previously exceeding their quotas.