Crude prices rose this Thursday morning, erasing the losses of the previous day, while investors adjusted their positions before the OPEC + issue its decision on supplies, although the hikes were limited by fears that the Omicron variant will affect fuel demand.
Crude futures Brent they rose 1.08 dollars, or 1.52%, to 69.90 dollars a barrel, after losing 0.5% in the previous session.
For its part, the futures of West Texas Intermediate in the United States (WTI) they were up $ 1.09, or 1.65%, at $ 66.67, after losing 0.9% on Wednesday.
The world oil prices have subtracted more than $ 10 a barrel since last Thursday, when the news of Omicron shook markets for the first time.
It is likely that the Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC +decide on Thursday whether to launch more crude onto the market – as was initially planned – or restrict supply. The start of the meeting is scheduled for 13:00 GMT.
Jeffrey Halley, an analyst at OANDA, said he believes the decline in crude prices and the uncertainties surrounding omicron will lead to the OPEC + to temporarily halt production increases.
That can restore a modicum of stability in the oil markets, “Halley added.
Market progress was limited by data showing US crude stocks fell less than expected last week.
The government report Energy Information Administration (EIA) also showed that gasoline and distillate inventories rose much more than expected, while demand weakened.
Reference-www.eleconomista.com.mx