Oil prices stabilized today, Wednesday, ahead of a meeting of the “OPEC +” grouping, during which major oil producers will decide whether to proceed with their plan to increase supplies while cases of corona infection increase in Asia.
It is scheduled to meet “OPEC”, Russia and their allies, in what is known as the “OPEC +” grouping, today to determine whether they will adhere to a plan to pump 400 million barrels per day per month until December 2021.
And “OPEC +” sources stated that the gathering expected the market to witness a deficit until the end of 2021. “OPEC +” sources informed that the meeting will extend the current policies, despite US pressure to increase supplies further.
Brent crude futures rose five cents to $71.70 a barrel, by 01:25 GMT, after losing 42 cents on Tuesday.
US West Texas Intermediate crude futures fell seven cents to $68.57, after falling one percent on Tuesday due to expectations of lower demand after the closure of six refineries in Louisiana after it was hit by Hurricane Ida.
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