Oil prices settle higher a day ahead of the OPEC+ monthly meeting

oil-prices-settle-higher-a-day-ahead-of-the-opec+-monthly-meeting

Oil futures settled higher on Monday, with major oil producers known as OPEC+ widely expected to stick to their plan to raise monthly crude production by 400,000 barrels per day when they meet on Tuesday. “Though omicron cases continue to climb in key geographies, the absence of widespread lockdown restrictions will likely keep near term [oil] demand concerns in check,” analysts at RBC Capital Markets, led by Helima Croft, wrote in a Monday note. February West Texas Intermediate crude CLG22, +1.00% rose 87 cents, or 1.2%, to settle at $76.08 a barrel on the New York Mercantile Exchange.

Source: Marketwatch

Related Posts