Oil rises in price amid wait-and-see position of OPEC+

Oil rises in price amid wait-and-see position of OPEC+ Global oil prices on December 3 morning are growing on the flexibility of OPEC+ approach to oil production
Energy
December 3, 2021 10:15
Oil rises in price amid wait-and-see position of OPEC+

Global oil prices on December 3 morning are growing on the flexibility of OPEC+ approach to oil production, Report informs referring to the auction data.

As of 9:33 a.m. (GMT+4), February futures for Brent crude rose in price by 1.54% to $70.72 per barrel. January futures for WTI rose in price by 1.73% to $67.65 per barrel.

The OPEC+ countries on December 2 decided to maintain the current strategy of the alliance and in January to increase oil production by the planned 400,000 barrels per day.

However, in connection with the emergence of the COVID omicron strain, OPEC+ decided to take a wait-and-see attitude and continue to monitor the market. In its final communique, the alliance stressed that it will be ready to act immediately if necessary.

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