Oil continues to rebound on OPEC+ flexible stance

Economies.com
2021-12-03 13:16PM UTC

Oil prices continued to rise as the US market opened on Friday, rebounding for the second straight day after hitting a 4-month low, after OPEC-Plus left the door open to revising its current production policy if necessary, while continuing to monitor the Omicron variant impact on global fuel demand.

 

US crude rose 1.8% to $68.69 a barrel, after opening at $67.49, and hit a low at $66.46, and Brent crude rose 2.2% to $72.05 a barrel, after opening at $70.48, and hit a low at $69.54.

 

The US crude gained 2.6% yesterday after hitting a 4-month low at $62.46 a barrel, and Brent rose 2.3%, after hitting the lowest since August 23 at $65.79.

 

OPEC Plus held its monthly meeting of the joint ministerial committee yesterday and decided to keep production levels unchanged during January.

 

OPEC-Plus alliance announced will increase oil production by 400,000 bpd, in a weak response to the current developments.

 

These developments include the decision of major countries to tap their strategic oil reserves, and the new coronavirus variant "Omicron" that is expected to impact the global demand for fuel.

 

Meanwhile, the alliance left the door open to adjusting production levels if needed, while continuing to monitor the Omicron variant impact on global fuel demand.

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Natural gas Analysis

Commodities

Natural gas price still confined – Forecast today – 29-3-2024
2024-03-29 06:16AM UTC
Natural Gas Price Forecast for Today - 29-3-2024 No news for natural gas price until this ...
Platinum Analysis

Commodities

Platinum price renews the positive action – Forecast today – 29-3-2024
2024-03-29 06:10AM UTC
Platinum Price Forecast for Today - 29-3-2024 Platinum price confirmed keeping the bullish ...
Copper Analysis

Commodities

Copper price gets the positive momentum – Forecast today – 29-3-2024
2024-03-29 06:09AM UTC
Copper Price Forecast for Today - 29-3-2024 Copper price repeated the positive stability ...