If JMMC OPEC Shares Positive Signs, Oil Prices Will Really Rise!

 Oil prices rose in trading earlier in the week, extinguishing some of the losses noted in the previous session when markets continued to be squeezed by uncertainty over weak fuel demand.


The Brent crude level marker traded up 1.1% at $ 43.28 a barrel, while United States WTI also lost 1.5% at $ 40.72 a barrel.


The increase in black commodity trading today has been buoyed by market expectations that OPEC + will suspend plans to increase crude oil spending by the end of this month.


OPEC + is widely expected to perpetuate its commitment to cut spending by as much as 7.7 million barrels a day as set since August.



The focus of the market now rests on a meeting of the Joint Ministerial Monitoring Service (JMMC) on Tuesday which may provide clues to a future OPEC + decision.


In the meantime, the market's anxiety about the weakness in global fuel demand continued to increase as the World Health Organization (WHO) reported the highest increase in global outbreaks of 660,905 kes on Saturday.


Libya's increased spending has contributed to the price of oil rather than higher after it reportedly releases over 1.2 million barrels a day.