Oil prices rise after “OPEC +” intends to review its plans...

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.

  • 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.





These were the details of the news Oil prices rise after “OPEC +” intends to review its plans... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Embattled Joe Biden to give high-stakes press conference
NEXT Astronauts stuck on space station ‘confident’ Boeing Starliner will bring them home

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]