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Oil Prices Fall as Investors Take Profits Ahead of OPEC Meeting

Crude oil futures closed lower on Friday, January 27, with prices falling below $80 per barrel, the lowest level in more than a week, as investors took profits. The market outlook is uncertain ahead of next week’s meeting of the Joint Ministerial Review Committee (JMMC) of the Petroleum Exporting Countries and Allies (OPEC+) and the European Union’s (EU) ban on Russian oil products on February 5.

  • WTI Crude Oil Contract for March Delivery fell by $1.33 or 1.6% to $79.68 per barrel, down 2.4% for the week.
  • Brent crude futures were down 81 cents, or 0.9%, at $86.66 a barrel, down 1.1% for the week.

An FX analyst from Empire revealed on Friday, “It seems that traders are rushing to take profits on crude oil contracts before the weekend.” Earlier, oil prices had risen due to expectations of a strong recovery in global oil demand following China’s opening up and positive US economic data.

Investors are now awaiting the OPEC+ meeting on February 1, where the JMMC is expected to maintain its current policy of cutting production by 2 million barrels per day until the end of 2023.

The Spot market is Closed

Saturday, January 28, 2023

Updated at


Crude Oil




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