OPEC+ Acts to Reduce Supply, Crude Oil Prices Continue to 'Drop'!


Oil prices rose in early trading today following OPEC+'s decision to maintain its oil production policy despite the move showing weekly losses amid reports of a ceasefire between Israel and Hamas.

Meanwhile, Brent crude rose 37 cents (0.5%) to $79.07 a barrel and West Texas Intermediate (WTI) rose 30 cents (0.4%) to $74.12 a barrel.

Yesterday, sources said OPEC+ is maintaining its oil production policy and will decide in March whether or not to extend voluntary oil production cuts in the first quarter.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies cut production by 2.2 million barrels per day for the first quarter as announced in November.

However, crude oil prices are heading for a weekly loss of about 5% as unsubstantiated reports of a cease-fire between Israel and Hamas have limited gains and sent the contract down more than 2% yesterday.

In addition, Russian oil tankers also continued to sail through the Red Sea unmolested by the Houthi group.

The Iranian-allied organization announced that its navy had attacked a British commercial ship.