Commodities

Oil continues to rebound on OPEC+ flexible stance

2021-12-03 13:31:33 GMT (Economies.com)

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.

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