Oil prices rise ahead of OPEC+ meeting

Global oil prices on December 2 morning are growing in anticipation of the OPEC+ alliance meeting, according to trading data, Report informs.

As of 9:04 a.m. (GMT+4), February futures for Brent crude rose in price by 0.83%, to $69.44 per barrel, the price of January futures for WTI oil increased by 0.87%, to $66.14 per barrel.

Oil prices are growing in anticipation of today’s OPEC+ meeting. The alliance is going to determine, perhaps slightly changing the original plans, the parameters of the agreement on the oil production cut.

Now the alliance is monthly increasing its production by 400,000 barrels per day, which in May last year was reduced by 9.7 million barrels per day due to the drop in oil demand caused by the reaction to the spread of COVID in different countries.

In addition, oil prices are rising as market fears about the omicron strain appear to have weakened, according to ANZ analysts cited by the Wall Street Journal.