Black commodities traded steady as investors ’focus shifted to the OPEC meeting that will decide on the next crude oil production.
The first discovery of the Omicron variant case in the United States on Wednesday, has put the oil market back in concern. However, it later subsided slightly following reports that said the variant only caused milder symptoms and illness.
In the Asian session, Brent oil futures traded higher at $ 69.70 a barrel after declining 0.7% in the previous session. Meanwhile, US WTI was up slightly at $ 66.34 a barrel following a 0.9% drop previously.
Both benchmarks have been under pressure in recent weeks following recent concerns over the Omicron coronavirus variant and the U.S. decision to remove oil supplies from its emergency reserves which was also followed by other countries.
Meanwhile, OPEC and its ally, OPEC+ will begin a monitoring committee meeting today. The world’s major producers are likely to decide whether to bring more oil to market or withhold it due to the latest threat of the Omicron variant.
