Brent rose by over 1%, reaching 70 dollars a barrel

Today, Thursday, the price of oil increased by 1%, about an hour after the Opec Plus group’s decision to maintain its production policy.

Immediately after the decision was made, oil prices fell by more than 2%, but soon they reduced their losses until they turned in earnings greater than 1%.

THE future on Brent crude oil, they rose 1.42% to $ 69.89 a barrel, after falling 0.5% in the previous session.

US West Texas Intermediate crude futures rose 1.75% to $ 66.7 a barrel.

The group of oil exporting countries and their allies, Opec Plus, agreed today, Thursday, to push ahead with the expected increase in oil production next January of 400,000 barrels per day.

Opec Plus said it kept its meeting open to follow up on developments in the pandemic and to make the necessary adjustments immediately.

According to the internal research unit of the Organization of Petroleum Exporting Countries, in the first quarter of quest’year a surplus in global oil markets of 3 million barrels per day is projected, which could reach 4.8 million barrels per day under the worst-case scenario of oil demand developments.

The Algerian news agency quoted Energy Minister Mohamed Arkab today Thursday that the fundamentals of the oil market are flexible, despite the emergence of the new variable, Omicron, and the use of strategic reserves.

The White House today welcomed the decision by OPEC and its allies to increase oil production, but added that the United States has no plans to reconsider its decision to withdraw from crude oil reserves.

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