Oil prices rose Wednesday, extending the previous day’s gains as investors remained skeptical of the effectiveness of a US-led move to withdraw from strategic oil reserves and shifted their focus to the next step for oil producers. Petroleum.
At 07:42 GMT, Brent crude oil futures were up 13 cents, or 0.2%, to $ 82.44 a barrel, after jumping 3.3% on Tuesday.
West Texas Intermediate crude futures rose 20 cents, or 0.3%, to $ 78.70 a barrel. It had recorded a 2.3% increase the previous day.
The United States said Tuesday it would withdraw two million barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain in an effort to lower prices after oil producers in the OPEC + group ignored repeated requests for them to pump more crude.
Analysts said the impact of a coordinated reserve withdrawal on prices is likely to be short-lived, after years of falling investment and a strong global recovery from the Covid-19 pandemic.
All eyes are now on the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, or the bloc known as OPEC +, to learn about their reaction to the joint withdrawal from reserves at their meeting, which takes place on 2 December to discuss the production policy.
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