WTI oil prices jump more than 5% past $71, OPEC folds production plans

WTI crude futures rose more than 5% past $71 today. While investors brought together to buy speculation. After the price dropped heavily last week.

As of 7:45 p.m. Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in January. Trading on the NYMEX was up $3.53, or 5.18 percent, to $71.68 a barrel.

WTI oil prices closed more than 13 percent on Friday to an 11-week low and the biggest single-day drop since April 2020. Amid concerns about the discovery of the COVID-19 virus Omicron species in South Africa

However, experts say People infected with the Omicron strain have mild symptoms. They can also taste and smell. which is different from the symptoms of those infected with the COVID-19 virus previously found species

Investors will keep an eye on the oil production policy of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus on Dec. 2, with the expectation that OPEC Plus may suspend production capacity in January 2022 to cope with the declining demand from the impact of the Omicron virus epidemic And in retaliation for measures by the United States and its allies to drain crude oil from stockpiles, OPEC Plus previously agreed to increase oil production by 400,000 barrels per day each month. Although the United States has pressed OPEC Plus to add more production to slow the surge in oil prices, markets are also keeping an eye on talks on a nuclear deal between Iran and the West today. If successful, it could pave the way for Iran to return to world oil exports.



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