Oil prices rise after the OPEC+ 2 session

Oil prices will rise by Friday morning. By 8.25 Moscow time, the price of a barrel of Brent crude rose to $70 89 cents, or 1.75%. The cost of a barrel of WTI oil rose to $67 71 cents, or 1.22%. As a result of trading on Thursday, these oil benchmarks rose by 1.2% and 1.4%, accordingly. Investors assess the results of the last meeting of the countries participating the OPEC+ agreement. Some market participants expected the alliance to make a decision to cut oil production. However, OPEC+ retained the current parameters of the deal. This means that the alliance will continue to increase its oil production by 400,000 bpd every month. At the same time, the participants in the meeting mentioned a decision to increase the volume of productivity at any time. It all will depend on the situation in the oil market and in the global economy situation. They noted uncertainty remaining. It intensified after the appearance of the new coronavirus strain Omicron. Investors liked the alliance’s announcement about the possible holding of an extraordinary session.

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Arseny Kudrin

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