Posted on

Oil rises to multi-month highs as OPEC+ likely to follow current production policy

Share

Oil prices reached the highest levels in nearly a year on expectations that OPEC and allied producers led by Russia may keep the production quota in February unchanged amid weak oil demand caused by the global pandemic crisis.

Brent crude futures for the March delivery were at $52.94 per barrel, up 2.2 percent at 07:45 GMT, while the February West Texas Intermediate contract advanced 1.1 percent to $49.43 per barrel.Crude markets are braced for the next moves by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. The cartel is set to decide on production cuts for the following month …

Read More