12/2/2021, 7:50 AM (Source: TeleTrader)
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Oil up 1% ahead of OPEC+ meeting

Crude futures rose more than 1% on Thursday as investors awaited the OPEC+ meeting and digested a drop in American oil inventories.

The US Energy Information Administration said earlier that oil stockpiles in the country fell by 910,000 barrels to 433.1 million barrels last week. Meanwhile, OPEC+ is meeting to discuss whether they will change their production plan due to the concerns over the emergence of the Omicron variant of COVID-19. Iraqi Oil Minister Ihsan Abdul Jabbar Ismail stated the cartel is likely to maintain its policy of gradually easing output cuts.

International benchmark Brent for February delivery climbed 1.45% to $69.87 per barrel at 1:38 am ET and West Texas Intermediate (WTI) added 1.46% to sell for $66.53 per barrel at the same time.

Baha Breaking the News (BBN) / NP