Oil prices have barely changed this Friday, after wiping out gains on growing concerns that rising cases of coronavirus and a new strain will reduce global demand for oil.
Earlier in the day, oil prices rose more than $2 a barrel after producer group OPEC+ said it could revise its policy to increase production in the short term in the event of a growing number of ‘lockdowns’ due to the pandemic. smother the demand.
Brent Crude Oil futures rallied the Dollar, or 0.3%, to close at $69.88 a barrel, while US Crude Oil (WTI) rebounded $0.24, or 0.4%, to $66. 26.
Both benchmarks fell for the sixth consecutive week for the first time since November 2018, and both remained in technically oversold territory for the sixth consecutive day for the first time since September 2020.
“Too many places to blame for the big energy downturn,” said Bob Yawger, director of energy futures at Mizuho in New York, noting that coronavirus cases are on the rise, the US jobs report has been a disappointment, and OPEC+ maintained its plan to increase production in January.
The Organization of Petroleum Exporting Countries, Russia and allies, a group known as OPEC+, surprised the market on Thursday by maintaining its plans to add 400,000 barrels per day (bpd) in January.
Reference: CNN Brasil
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