Brent, WTI Prices Climb Over 2%

Brent, WTI Prices Climb Over 2%
Brent, WTI Prices Climb Over 2%

Oil prices rose more than 2% on Wednesday, recouping some of the steep losses from the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant.
Brent crude futures rose $1.90, or 2.7%, to $71.13 a barrel, after a 3.9% slump on Tuesday. WTI crude futures rose $1.71, or 2.6%, to $67.89 a barrel, after a 5.4% drop on Tuesday, Reuters reported.
OPEC will meet on Wednesday and ahead of a meeting on Thursday of OPEC+, which groups OPEC with allies, including Russia.
While some analysts expect OPEC+ to pause plans to add 400,000 barrels per day of supply in January in light of the potential hit to demand from travel curbs to rein in the spread of the Omicron variant, several OPEC+ ministers have said there was no need to change course.
"Since the US and other countries agreed on releasing emergency stocks to control the price rise ... [and] since the prices have already corrected from $85 a barrel to close to $70, OPEC+ may revisit their strategy," said Sunil Katke, the head of commodities retail business at Kotak Securities.

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