The price of oil is rising against the backdrop of a possible reduction in OPEC+ production

(Updated quotes, added details)

LONDON, May 26 (Reuters) –

Oil prices started to increase on Friday due to expectations of possible reduction of OPEC+ production before the next meeting, some weakening of the dollar.

Brent crude oil futures up 0.71% to $76.8 a barrel through 2:52 p.m. Moscow time, WTI up 0.97% to $72.52 a barrel.

Both indices fell more than $2 a barrel on Thursday after Russian Deputy Prime Minister Alexander Novak failed to fuel expectations for further OPEC+ production cuts at a June 4 meeting in Vienna.

Despite this, both benchmarks mark the second weekly increase in a row – almost 1%.

The dollar index against a basket of six major currencies at 14:52 Moscow time fell 0.3% to 103.92, easing some pressure on “black gold”.

Russian President Vladimir Putin noted on Wednesday that energy prices are approaching economically reasonable levels.

At the same time, Saudi Arabia’s energy minister warned speculators on Tuesday about the consequences of the game for the collapse.

Some investors took the comment as a signal that OPEC+ may consider further production cuts.

Original post in English available at the code: (Shadiya Nasrallah featuring Arati Somasekhar and Trixie Yap)