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Oil Prices Rise Ahead of OPEC Meeting; Here’s What can be Expected: Details


By Malvika Gurung

Investing.com – Crude Oil prices climbed on Wednesday, ahead of the 25th OPEC+ meeting later in the day. At 9:40 am, crude was trading 0.28% higher at $89.41/barrel and the climbed 0.24% to $88.41, after closing flat on Tuesday.

With today’s gains, oil prices are approaching their seven-year highs touched last week on Friday, with Brent recording $91.7/barrel and the US crude hitting $88.84/barrel.

So far this year, crude prices have surged 15% amid tight global supplies and looming geopolitical tensions in Europe and the Middle East, and they have commenced February on a positive note.

In the meeting scheduled for today, OPEC+ is expected to stick to existing policies of moderate output increases, and has refused to refrain from speedier increases arguing that the world is facing an energy shortage due to poorly calculated energy transitions to greener fuels by consuming nations, stated a Reuters report.

Meanwhile, five sources have confirmed the meeting to go ahead with a planned increase of 4 lakh barrels/day in March, despite high oil prices. 

Besides, , and prices are also trading at multi-year highs.



Read More : Oil Prices Rise Ahead of OPEC Meeting; Here’s What can be Expected: Details

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