Oil prices jump, extending their gains, after “OPEC +” intends to review its plans to increase production if the new strain of the Corona virus “Omicron” weakens demand.
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Oil prices rise after “OPEC +” intends to increase production if “Omicron” weakens demand
Oil prices jumped, today, Friday, extending its gains, after the “OPEC +” organization said that it will review its plans to increase production before its next scheduled meeting, if the new strain of the Corona virus “Omicron” weakens demand.
Brent crude futures rose 12 cents, or 0.2%, to $69.79 a barrel, after jumping 1.2% in the previous session.
US West Texas Intermediate crude futures were not less fortunate than the previous one, as it also rose 27 cents, or 0.4%, to $ 66.77 a barrel, adding to its gains of 1.4% at the end of trading on Thursday.
The Organization of the Petroleum Exporting Countries and its allies surprised the markets on Thursday, when it announced plans to increase oil production per month by another 400,000 barrels per day in January.
However, producers left the door open for a quick policy change if demand was damaged by the Omicron containment measures, and said they might meet again before their next meeting scheduled for January 4 if necessary.
Uncertainty about Omicron, government efforts to tackle the new wave of infections, and expectations of increased supplies have alarmed investors.
Brent crude is on its way to end the week down by about 4%, while US light crude is about to end it down 2%, both dropping for the sixth week in a row.
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