Oil prices close with losses awaiting OPEC + meeting

The oil prices, very volatile since the discovery of the new variant of coronavirus, gave ground on Wednesday in a volatile market, impatient for the outcome of the meeting of the OPEC + scheduled for this Thursday.

In New York, the barrel of West Texas Intermediate (WTI) for January it yielded 0.92%, closing at 65.57 dollars.

On his side, in London, the price of a barrel of North Sea Brent for delivery in February it lost 0.52%, ending at 68.87 dollars.

A reflection of the extreme volatility of prices since the appearance of the new variant of the coronavirus and a firmer tone of the Federal Reserve (Fed) on the inflation, the contracts got to gain 3% during the day, before yielding.

The 13 members of the OPEC they held the first of two meetings of the week on Wednesday by videoconference.

The decision on the level of production of the cartel at the beginning of next year will be known when the second meeting ends, on Thursday, which is also attended by OPEC’s allies in OPEC + merchandise.

“The arrival of the omicron variant and the fall in prices that followed increase the chances that OPEC + will choose to pause” in the recovery of production, estimates Helima Croft, of RBC.

New sanitary restrictions to control the virus threaten demand for black gold.

The Petroleum it yielded 10% from Thursday of last week.

This Wednesday the number of commercial oil reserves of the United States was also known, which decreased less than expected by analysts last week, according to figures published by the US Energy Information Agency (EIA).

During the week ending November 26, crude reserves fell by 900,000 barrels to 433.1 million barrels, while analysts expected a decline of 1.45 million barrels for that period.



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