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Oil: Prices on the rise

03/12/2021
Categories: Raw materials

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In the aftermath of a summit of OPEC+ producers, oil continues its momentum. This peak saw the gradual increase in production carried out each month since May continue in January.

Oil prices were up on Friday. Around 10:30 a.m. GMT (11:30 a.m. CET), the price of a barrel of Brent from the North Sea for delivery in February gained 2.47% to 71.39 dollars. In New York, a barrel of West Texas Intermediate (WTI) for the month of January rose 2.44% to 68.12 dollars. At the end of a turbulent week marked by a summit on Thursday of producers from the Organization of the Petroleum Exporting Countries (OPEC) and their allies via the OPEC+ agreement, prices returned to levels close to last Friday's close. The OPEC + countries led by Saudi Arabia and Russia decided during this meeting behind closed doors, held by videoconference, to increase their production in January by 400,000 barrels per day, as is the cases each month since May 2021.

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