WTI oil prices have rebounded above $70 this morning. This was driven by forecasts that Petroleum Exporting Countries (OPEC) and its allies or OPEC Plus May suspend plans to increase production capacity in January next year. to cope with the impact of the COVID-19 epidemic Omicron species
As of 8:50 a.m. Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in January. It rose 90 cents, or 1.29%, at $70.85 a barrel.
Investors are keeping an eye on the OPEC Plus oil production policy meeting on Dec. 2, with OPEC Plus expected to suspend production in January. 2022 to cope with the declining demand from the impact of the Omicron virus epidemic. and to counter 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 US has pressured OPEC Plus to add more production to slow the rise in oil prices.
Investors are also keeping an eye on the talks of a nuclear deal between Iran and the West. If successful, it could pave the way for Iran to return to world oil exports.
By InfoQuest News Agency (30 Nov 64)
Tags: WTI Oil, Crude Oil, Oil Prices, OPEC Plus
