Oil Prices Rose Today “Brent” 82.4 Dollars

Oil prices rose today, extending gains from the previous day as investors remained skeptical about the effectiveness of a US-led move to withdraw from strategic oil reserves and shifted their focus to the next step for oil producers.

By 0742 GMT, Brent crude futures rose 13 cents, or 0.2 percent, to $ 82.44 a barrel, after jumping 3.3 percent on Tuesday.
West Texas Intermediate crude futures rose 20 cents, or 0.3 percent, to $78.70 a barrel. It had recorded an increase of 2.3 percent the previous day.

On Tuesday, the United States said it would withdraw two million barrels of oil from strategic reserves, in coordination with China, India, South Korea, Japan and Britain, in an attempt to lower prices.

Analysts said that the impact of a coordinated withdrawal of reserves on prices will likely be short-lived, after years of declining investments and a strong global recovery from the pandemic.

All eyes are now turning to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, or the bloc known as OPEC +, to know their reaction to the joint withdrawal from the reserves at their meeting, which takes place on the second of December to discuss production policy.

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Oil Prices Rose Today "Brent" 82.4 Dollars - /10

Summary

Oil prices rose today, extending gains from the previous day as investors remained skeptical about the effectiveness of a US-led move to withdraw from strategic oil reserves and shifted their focus to the next step for oil producers.

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