Title: Oil prices ease in holiday trade, market focus on next OPEC+ move
Dec 24, 2021 01:15AM ET
Brent's rough fates finished a three-day rally in light exchanging on Friday as numerous financial backers were away for these special seasons. In any case, the benchmark was set out toward a week after week gain as the market zeroed in on the following move by OPEC+ and the effect of the Omicron variation.
Brent rough fates were down 39 pennies, or 0.5%, at $76.46 a barrel by 0544 GMT, in the wake of rising 2.1% in the past meeting. The benchmark was as yet on target for a week-by-week gain of around 4%.
US markets are shut on Friday for the Christmas occasion.
Oil costs mobilized for the current week as fears about the effect of the profoundly irresistible Omicron variation on the worldwide economy subsided as early information proposed it was causing a milder degree of disease.
The Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, are likely to stick to their decision to increase oil production by 400,000 barrels per day (bpd) a month at their next meeting as long as oil prices remain above $70 a barrel, Chen added.
The group's next meeting is scheduled for January 4.
Still, some investors remained cautious in the face of the rise in infection cases.
Health experts warned that the fight against the COVID-19 variant was far from over, despite two drugmakers saying their vaccines protect against it and despite evidence that the variant carries a lower risk of hospitalization.
Coronavirus infections have skyrocketed wherever the variant has spread, triggering new restrictions and a record number of new cases in many countries, including Italy and Greece.
According to energy Services Company Baker Hughes, the number of US oil and gas rigs in operation rose last week to the highest level since April 2020, with the total now at 586, indicating a surge in production in the coming months.