OPEC+ Expects Demand to Remain Stable – Crude Oil Rises 1.3%

Crude futures closed higher on Tuesday (Jan. 4) after the Organization of Petroleum Exporting Countries and its allies OPEC+ decided to stick to the original agreement.

  • WTI crude futures were up 91 cents, or 1.2 percent, at $76.99 a barrel.
  • BRENT crude futures were up $1.02, or 1.3%, to close at $80 a barrel.

Crude oil futures rose after OPEC+ decided to stick to the existing agreement to increase oil production by 400,000 barrels per day in February. This was decided at yesterday’s production policy meeting. The decision is a sign that OPEC+ continues to believe in demand. The demand forecast was somewhat dampened towards the end of last year by the IEA, which predicted an oil surplus for 2022.

The next OPEC+ meeting will be held on February 2 to discuss production policy for March.

Investors are waiting for crude oil inventory figures from the U.S. Energy Information Administration (EIA) today.

The Spot Market is Open

Wednesday, January 5, 2021

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
10.30

76.67

-0.32

-0.42%

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