WTI oil prices rose on Friday (October 29), reversing positive after falling earlier in the session, supported by forecasts that the Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies , known as the OPEC+ group, will maintain production cuts.
Ending Friday's session, the Brent oil contract inched up 0.07% to $84.38 a barrel. The WTI oil contract added 0.92% to $83.57 a barrel. Both oil contracts hit multi-year highs on October 25.
John Kilduff, partner at Again Capital LLC in New York, said: “While there may be more supply from Iran, it does not appear that OPEC+ is likely to increase output, which is giving strength to the market. current school”.
Oil prices have been under pressure since October 27 by a report that crude inventories in the United States jumped by 4.3 million barrels in the latest week. Iran says talks on restoring an international agreement on its nuclear program will restart at the end of November 2021, bringing a step closer to boosting oil exports.
"Squatting US crude inventories and expectations of resumption of nuclear talks with Iran have temporarily eased supply concerns to some extent," Commerzbank's Carsten Fritsch said.
Crude oil has soared in 2021 as economies recover from the Covid-19 pandemic, but prices are on track to fall this week, with Brent facing its first weekly decline in two months.
On Thursday (October 28), Algeria said the increase in OPEC+ crude oil production in December will not exceed 400,000 bpd because of uncertainties and risks in the market. The organization will meet on November 4.
British and European gas prices continued to fall on Friday after Russian President Vladimir Putin said Russia could start adding gas to European storage.
Billionaire Elon Musk's Tesla (NASDAQ:TSLA) electric car maker has announced no new Bitcoin (BitfinexUSD) purchases or sales during the company's Q3 2021 earnings report.
In February, Tesla announced that it had invested $1.5 billion in Bitcoin. Then in Q1, the company sold 10% of its BTC investment, adding to Tesla earnings for that quarter by $272 million. Tesla also did not buy or sell any Bitcoin in Q2 2021.
However, with the “galloping” Bitcoin trend in October, Tesla made $ 1 billion in profit from the initial Bitcoin investment. Overall, Tesla's third-quarter earnings per share came in at $1.86 versus $1.62 expected. While revenue reached 13.76 billion USD compared to 14 billion USD as originally planned.
Although Tesla is making a significant profit, the company is still not taking Bitcoin profits.
Also on the same day, Elon Musk posted on his personal page a provocative photo of his Bitcoin and Etherum (ETH) price prediction. Bitcoin Price Prediction to $69,000 and Ethereum to $4,200
As soon as he made a prediction, the billionaire immediately gave another meaningful message.
"This is the result of 4 billion years of successful evolution."
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