kyiv.Ukraine.Ukraine Gate – December 1,2021- Wednesday, December 1, Oil prices rose after the collapse of the previous session, and traders are waiting for the OPEC + meeting, which will discuss the need for action in response to the emergence of Covid-Omicron.
The price of a barrel of Brent oil in February as of 9:15 Kiev time reached $71.34 (+3.05%). A barrel of West Texas oil for January was trading at $67.97 (+2.72%). Initial bids for the benchmarks ended at $66.18 and $69.95, respectively.
The Organization of the Petroleum Exporting Countries (OPEC) will meet on Wednesday ahead of the OPEC + ministerial meeting scheduled for Thursday.
Some analysts expect the group to suspend plans to increase supply by 400,000 barrels per day (bpd) in January due to a potential shock to demand amid quarantine restrictions designed to curb the spread of the Omicron option. However, several OPEC + ministers have stated that there is no such need.
A Reuters study found that in November, OPEC members pumped 27.74 million bpd, up 220,000 bpd from the previous month. But this is 254 thousand bpd less than provided for in the OPEC + agreement.
Data from the American Petroleum Institute (API) show a decrease in crude oil reserves in the United States by 747 thousand barrels. for the week ended November 26. The figure was expected to fall by 1.2 million bar. Stocks at the Cushing terminal, which stores NYMEX-traded oil, rose 1 million barrels last week.
