Oil Prices Vary as Markets Await “OPEC” Decisions

Oil prices varied during trading today, Thursday, in the Asian trading session, as investors awaited the reaction of “OPEC” to the release of crude oil from emergency reserves by major consuming countries to calm the market.

Brent crude futures rose 0.07% to $82.31 a barrel, while West Texas Intermediate crude futures fell 0.06% to $78.34 a barrel.

Attention is currently turning to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, as they meet next week to discuss the demand and supply of oil.

OPEC was adding 400,000 barrels per day of supply each month, which led to a decline in production from last year before the Corona pandemic slowed demand.

Three sources told Reuters that the organization is not discussing temporarily halting its oil production increases, according to Reuters.

Investors are watching whether China will release oil from its reserves as planned. Meanwhile, US crude oil supply data released on Wednesday by the US Energy Information Administration showed an increase of 1.017 million barrels for the week ending November 19.