Oil prices rose more than 1% this Thursday (2), after a seesaw that saw benchmarks swing in a range of five dollars after OPEC+ surprised markets by following its plans to slowly increase production .
Brent futures closed up 80 cents, or 1.2%, to $69.67 a barrel after touching a low of $65.72 for the day, while US oil futures (WTI) they advanced $0.93, or 1.4%, to $66.50, after touching a low of $62.43.
The market sold dramatically after the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, came as a surprise by following up on plans to increase monthly production by 400,000 barrels a day.
It was the latest in a series of events that sent oil plummeting, having lost 24% in the past three weeks.
Oil futures rebuilt the rally later in the day, but the combination of uncertainty surrounding the Ômicron variant, efforts by governments to stem the tide of new infections and expectations of more supply kept traders on their toes.
“The markets are trying to digest so much news,” said Rebecca Babin, senior energy trader at CIBC Private Wealth US. “It’s like a snake eating a pony.”
Reference: CNN Brasil
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