Baghdad Oil prices rose, approaching $80, supported by expectations that OPEC ministers will maintain a moderate pace to raise production.

Brent crude rose 97 cents, or 1.2 percent, to $79.28 at the settlement, marking the fourth consecutive weekly rise. West Texas Intermediate crude advanced 85 cents to settle at $75.88, with a sixth week of gains.

This week, US energy companies increased oil and natural gas rigs for the fourth consecutive week, as more offshore units damaged by storms resumed service in the Gulf of Mexico.

Energy services company Baker Hughes said: “The number of drilling rigs rose to 528 in the week ending October 1, the highest level since April 2020.

Source: National Iraqi News Agency