The oil prices rose more than 1% on Thursday, after a volatile session in which benchmark contracts swung in a $ 5 range, after the OPEC + It surprised markets by sticking to its plans to push production slowly.
Crude futures Brent gained 80 cents, or 1.16%, to $ 69.67 a barrel after hitting a low of $ 65.72 on the day, while US crude futures West Texas Intermediate (WTI) advanced 93 cents, or 1.42%, to $ 66.50 a barrel, after plunging to $ 62.43.
Crude fell sharply after the Organization of Petroleum Exporting Countries and his allies, a group known as OPEC +, somewhat surprised by sticking to plans to increase monthly production by 400,000 barrels per day.
It was the latest in a series of events that have caused oil to crash, which has lost 24% in the last three weeks.
Oil futures reinforced the rally at the end of the day, but the combination of uncertainty surrounding the Omicron variant, efforts by governments to stem the wave of new infections and expectations of more supply kept traders on their toes.
Commodity trading advisers as well as institutions and hedge funds have also been selling, closing positions after a solid year overall for crude oil futures.
The OPEC + decided on Thursday to boost the offer in January in line with previous months. Since August, it has been gradually reducing the record cuts agreed to in 2020. The White House said it welcomed the decision, but added that the United States had no plans to reconsider its stance on releasing crude reserves.
The additional supply comes as markets grapple with a lack of clarity about the severity of the Omicron variant of the coronavirus and whether vaccines will continue to be effective against it.
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Reference-www.eleconomista.com.mx