Oil mixed, with US crude above $79

2 months ago

Oil prices were mixed on Tuesday ahead of important developments this week, including OPEC's meetings and global central banks gatherings. 


Reuters reported that OPEC pumped 28.87 million barrels a day this month, down 50 thousand bpd from December. 


Markets await crucial policy meetings this week by the Federal Reserve, Bank of England, and the European Central Banks.


The Federal Reserve alongside its counterparts is expected to increase interest rates to control inflation. 


US crude futures due in March rose 1.5% to $79.04 a barrel as of 19:53 GMT. 


Brent March futures dipped 0.5% to $84.4 a barrel. 


What's expected in the days to come? 


The oil market will be exposed to pressure as the dollar edges up and following aggressive policy decisions, while Europe's ban on Russian crude gets into effect in February. 

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