Brent crude futures for February delivery were up $ 3.17, or 4.55%, to $ 72.41 a barrel, while West Texas Intermediate in the United States (WTI) was up $ 2.84. dollars, or 4.32%, to $ 69.05 dollars.
Brent and WTI contracts in November posted their steepest monthly declines in percentage terms since March 2020, at 16% and 21%, respectively. The Organization of the Petroleum Exporting Countries (OPEC) will meet today and tomorrow will meet the members of OPEC +, which groups OPEC and an alliance led by Russia.
Some analysts expect OPEC + to halt its plans to add 400,000 barrels a day of supply in January given the potential impact on demand from travel restrictions to stem the spread of omicron. “There are many indications that OPEC + will not initially increase its oil production further in an effort to keep current prices around $ 70 a barrel.“said Stephen Brennock, analyst at PVM.
In a bearish demand signal, data from the American Petroleum Institute (API) industry group showed US crude stocks fell by 747,000 barrels in the week ending November 26, according to market sources, a minor decline. than expected.
Source From: Ambito
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