Oil prices are rising ahead of the OPEC+ meeting

There is an increase in the oil market rate. By 8:00 am Moscow time, a Brent oil barrel rose to $88 63 cents or 0.41% against the closing rates on Monday. A WTI oil barrel rose in price to $88.53, or 0.42%. Investors are waiting for the resultant of the next OPEC+ meeting. It should take place on February 2. Most experts believe that the alliance will adhere to the previously approved parameters of the deal. And it means that the petroleum output growth in March will amount to 400,000 barrels per day. Analysts at Oanda believe that the rates of a Brent oil barrel may reach $100 in the nearby future. Supply in the oil market will continue to lag behind demand. The OPEC + member countries, most likely, will not be able to accomplish obligations to increase oil production. Increased geopolitical tensions around Ukraine will also contribute to rising oil prices.


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Arseny Kudrin

Publicist, trader

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