Crude oil futures closed higher yesterday (Jan. 3) on expectations that OPEC+ will stick to the original agreement at its meeting today.
- WTI crude futures were up 87 cents, or 1.2%, at $76.08 a barrel.
- BRENT crude futures were up $1.2, or 1.5%, at $78.98 a barrel.
Crude oil futures rose yesterday on the first trading day of 2022. The price of both oil contracts has continued to rise due to the recovery of the global economy from the effects of the COVID-19 epidemic. Markets expect demand to continue to rise.
Investors are closely watching today’s (January 4) OPEC+ meeting to discuss production policy for February. OPEC+ is expected to stick to its current agreement to increase oil production by 400,000 barrels per day in February.
Meanwhile, a large group of OPEC members will also hold a meeting today. The meeting is to determine the appointment of a new Secretary-General to succeed Mr. Mohammad Barkindo of Nigeria. Mr. Haitam Al-Gayis of Kuwait is expected to take up the position.
The Spot Market is Open
Tuesday, January 4, 2022