Peter Nurse   

Investing.com — Friday’s rise in oil prices was due to the decision by a group top producers of oil to increase production to the global market gradually, while ensuring that supply is tight.

At 8:30 AM ET (1330 GMT), futures were 1.2% higher at $79.71 per barrel while futures rose 0.8% up to $81.17.

U.S. The price of gasoline RBOB Futures was down 0.3% to $2.2862 per gallon.

The Organization of the Petroleum Exporting Countries, along with their allies, including Russia (a group known as OPEC+), agreed to continue the previously agreed-upon plan of adding 400,000 barrels per daily of supplies in December. 

The group stated that there was uncertainty in demand due to Covid-19 epidemics. They also rebuffed calls from the United States (the largest purchaser of Covid-19), for increased output and lower prices.

Consider this cautionary advice as coronavirus infected are on the rise across Europe.

The U.S. reaction to increasing political pressures on the Biden government as gasoline prices rise to almost $4 per gallon is now the focus.

After the OPEC+ meeting, the White House stated that it will consider all options to ensure affordable access to energy. This raises the possibility of the United States releasing oil from strategic petroleum reserves.

After a downwardly revised 32,000 increase in September, the official U.S. Employment Report was published earlier Friday. This showed that there had been a greater than expected gain of 531,000, which is higher than anticipated. This indicates that there will be more economic activity in the future, which means more energy demand.

Even though crude crude has soared to new multi-year records, the Nymex contract reached a seven year high last week while the Brent contract rose to a three-year high. However, it dropped earlier in the week following a larger-than-expected increase in U.S. crude oils supplies. 

In the end, Brent will see a nearly 4% drop this week. Nymex, however, is forecasting a decrease of almost 5%.

Later on in the session, the weekly rig counts will also be available.