Despite today’s recovery from yesterday’s losses, with gains of more than 2%, oil fell on a weekly basis.
It is noted that yesterday oil suffered losses in the aftermath of the decision of OPEC + to keep the growth rate of production unchanged at 400,000 barrels per day in December, ignoring the calls of US President Joe Biden for a larger increase.
OPEC + “offered no surprises and maintained its conservative policy, ignoring US calls for more production,” said Bjørnar Tonhaugen, head of oil markets at Rystad Energy. A correction of yesterday’s fall in prices and the rise today was “something to be expected”.
“OPEC + is trying to protect the balance of the market and in the midst of demand risks, the agency is concerned. It is not surprising that they choose to be cautious,” Tonhaugen added.
Biden has blamed Russia and OPEC for rising US gasoline prices, calling on OPEC + to increase production.
“The dispute between OPEC and the US government, the threat of a release of strategic oil reserves and the possible resumption of negotiations with Iran will increase volatility in oil prices in the coming weeks,” said a statement from a Goldman Sachs analyst group. Damien Courvalin.
In this climate, the global benchmark, January delivery of Brent oil, gained $ 2.20 or 2.7% and closed at $ 82.74 a barrel, but fell 1.2% on a weekly basis.
At the same time, the American WTI crude delivery in December added $ 2.46, or 3.1%, to close at $ 81.27 a barrel, but fell almost 2.8% on a weekly basis, marking the second consecutive week of losses.
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