Oil prices rise slightly ahead of OPEC+ meeting

Global oil prices on January 28 morning rose slightly after falling on January 27. Investors continue to expect an OPEC+ meeting, Report informs.

The price of April futures for Brent crude rose by 0.44% to $88.56 per barrel, March futures for WTI grew in price by 0.58% to $87.11 per barrel.

Traders’ attention is focused on the OPEC+ meeting scheduled for February 2. On this day, countries outside the cartel will decide on oil production in March. It is expected that OPEC+ will continue to increase production by the planned 400,000 barrels per day every month.

Investors also assess the prospects for the balance of supply and demand in the market, taking into account underlying factors.

Fears of a COVID-related hit to demand did not materialize. With the sharp drop in spare capacity, it will be difficult for the market to cope with any new unplanned outages, the Wall Street Journal reports. Analysts believe that the market will remain in deficit in the first quarter of 2022.