Noor Trends News, Technical Analysis, Educational Tools and Recommendations
OPEC expected the oil surplus to increase to 2 million bpd in January, 3.4 million bpd in February and 3.8 million bpd in March 2022.
The Organization of the Petroleum Exporting Countries, through a leaked document during today’s meeting, said that the demand for transport fuels in Europe may also be affected by the mutated Omicron, especially Africa as well.
It is scheduled that the ministers of the OPEC group will hold a virtual meeting in the coming hours to discuss the repercussions of the spread of the virus on the oil market.
In November, Brent fell 16.4%, while WTI fell 20.8%, the largest monthly decline since March 2020.
Oil prices fell as OPEC released few expectations from Wednesday’s summit, where it posted gains of around 5% earlier than forecast.
The price of a barrel of American Nymex crude rose by 3.8%, at levels of 68.7, down from the levels above 69 dollars earlier.
Employment in the US private sector rose by 534,000 in November, monthly data published by the Automatic Data Processing (ADP) Research Institute revealed on Wednesday. That was slightly above median economist forecasts for a rise in employment of 525,000 and marked a slight decline in the pace of job gains versus October when 571,000 jobs were added.
