OPEC+ Effect On WTI

OPEC+ Effect On WTI

OPEC+ Effect On WTI

WTI crude futures climbed above $67 per barrel on Friday after OPEC+ kept the door open for policy changes, pledging to act swiftly if demand suffered from measures to contain the Omicron variant. Benchmark US oil prices dipped below $63 in the previous session as OPEC+ surprised markets when it stuck to plans to add 400,000 bpd supply in January, seen by analysts as a move meant to appease Washington. US deputy energy secretary David Turk previously said President Biden’s administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially. Meanwhile, the producers have since calmed markets, saying they would meet again before their next scheduled meeting on Jan. 4, if needed, to review supply additions in light of virus-related developments. WTI is on track for its sixth weekly decline.

WTI crude futures climbed above $67 per barrel on Friday after OPEC+ kept the door open for policy changes, pledging to act swiftly if demand suffered from measures to contain the Omicron variant.  First support on a decline will be 64.40 USD and first resistance to be tested is 70 USD

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