Oil rises more than $ 3 ahead of OPEC meeting on Omicron

Crude prices rose more than 4% this Wednesday, still far from recovering losses of more than 16% in November, as the main producers prepared to discuss the potential threat of the new Omicron variant of the coronavirus for energy demand.

At 11:11 GMT, crude oil futures Brent for February delivery rose 3.17 dollars, or 4.55%, to 72.41 dollars a barrel, while those of the West Texas Intermediate in the United States (WTI) they gained $ 2.84, or 4.32%, at $ 69.05.

The contracts of the Brent and WTI in November they registered their steepest monthly declines in percentage terms since March 2020, with 16% and 21%, respectively.

The Organization of Petroleum Exporting Countries (OPEC) will meet from 13:00 GMT this Wednesday and the next day the members of the OPEC +, which groups the OPEC and an alliance led by Russia.

Some analysts expect the OPEC + halt plans to add 400,000 barrels per day of supply in January amid potential impact on demand from travel restrictions to stop the spread of omicron.

There are many indications that OPEC + will not initially increase its oil production further in an effort to keep current prices around $ 70 a barrel, “said Stephen Brennock, analyst at PVM.

In a bearish sign of demand, data from the industrial group of the American Petroleum Institute (API) showed that US crude stocks fell by 747,000 barrels in the week ended November 26, according to market sources, a lesser-than-expected decline.

Government stocks data will be released at 15:30 GMT.


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