Oil prices rose nearly a dollar on Tuesday as tensions escalated after Iran seized a South Korean ship and as OPEC+ considers a possible production cut in February.<\/p>\n\n\n\n
Brent crude for March delivery increased 96 cents to $52.05 a barrel, while US West Texas Intermediate crude for February delivery was $48.53.
A barrel, up by 91 cents.<\/p>\n\n\n\n
The two benchmarks fell more than 1% on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, failed to agree on adjustments to oil production in February.<\/p>\n\n\n\n
Saudi Arabia opposes pumping more crude due to the new isolation measures, while Russia leads calls to increase production, indicating a recovery in demand.<\/p>\n\n\n\n
An OPEC document dated January 4, seen by Reuters, indicated that the group was considering a reduction of 500,000 barrels per day in February, and that the other two scenarios were to keep the level of production unchanged or to increase 500,000 barrels per day.<\/p>\n\n\n\n
Tensions continued due to the seizure of a South Korean ship by OPEC member Iran in Gulf waters, while Iran says Seoul owes it $ 7 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose nearly a dollar on Tuesday as tensions escalated after Iran seized a South Korean ship and as OPEC+ considers a possible production cut in February. Brent crude for March delivery increased 96 cents to $52.05 a barrel, while US West Texas Intermediate crude for February delivery was $48.53.A barrel, up by 91 …<\/p>\n","protected":false},"author":9,"featured_media":34232,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846],"class_list":["post-39402","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/39402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=39402"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/39402\/revisions"}],"predecessor-version":[{"id":39403,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/39402\/revisions\/39403"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/34232"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=39402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=39402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=39402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}