Brent crude prices close above $80/barrel as OPEC+ clings to February output hike
by SOURAV D | VIEW 1496
On Tuesday, both Brent and US WTI (West Texas Intermediate) crude oil futures almost bounced back to a November peak, when Omicron worries had sent shockwaves across global commodity markets, as the Saudi-led 14-member OPEC (Organization of Petroleum Exporting Countries) alongside its Russia-backed allies, often called as OPEC+, had agreed to cling on to their previous decision to hike output as early as by February, mostly driven by anticipation that the omicron variant would have a much-lower than anticipated impact on global demand. On top of that, corroborating Crude Oil futures’ prices further, analysts had projected that US crude stockpiles would falter for a sixth straight week on a row, though a US State Department remark that talks with Tehran on reviving a 2015 nuclear deal had shown modest progress, had pared some of the gains.
Brent crude claws back above $80/barrel
Citing statistics, in the day’s commodity market wind-down, UK crude futures’ edged 1.3 per cent higher to $80 per barrel, while US WTI crude oil contracts gained 1.2 per cent to $76.99 a barrel.
Meanwhile, addressing to the day’s OPEC+ meet, Rystad Energy head of oil markets, Bjornar Tonhaugen said, “The oil market is bullish today as a result of optimism sourced from today's monthly OPEC+ meeting, which is helping oil prices trade higher”.