Oil prices rose on Wednesday, extending gains from the previous day as investors remained skeptical about the effectiveness of a US-led move to draw down strategic oil reserves and shifted their focus to the next step for oil producers.<\/p>\n\n\n\n
Brent crude futures rose 13 cents, or 0.2 percent, to $ 82.44 a barrel, after jumping 3.3 percent on Tuesday.<\/p>\n\n\n\n
West Texas Intermediate crude futures rose 20 cents, or 0.3 percent, to $78.70 a barrel. It had recorded an increase of 2.3 percent the previous day.<\/p>\n\n\n\n
On Tuesday, the United States said it would withdraw 2 million barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan, and Britain, in an attempt to lower prices after OPEC+ oil producers ignored repeated calls for them to pump more crude.<\/p>\n\n\n\n
Analysts said that the impact of a coordinated withdrawal of reserves on prices will likely be short-lived, after years of declining investments and a strong global recovery from the Covid-19 pandemic.<\/p>\n\n\n\n
All eyes are now turning to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, or the bloc known as OPEC+, to know their reaction to the joint withdrawal from the reserves at their meeting, which takes place on the second of December to discuss production policy.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Wednesday, extending gains from the previous day as investors remained skeptical about the effectiveness of a US-led move to draw down strategic oil reserves and shifted their focus to the next step for oil producers. Brent crude futures rose 13 cents, or 0.2 percent, to $ 82.44 a barrel, after jumping …<\/p>\n","protected":false},"author":9,"featured_media":52872,"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":[7214,7971,6832,6939,8137,6936,8108,8136],"class_list":["post-55554","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-biden","tag-britain","tag-china","tag-japan","tag-oil-demand","tag-oil-prices","tag-south-korea","tag-strategic-petroleum-reserves"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/55554","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=55554"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/55554\/revisions"}],"predecessor-version":[{"id":55555,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/55554\/revisions\/55555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52872"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=55554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=55554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=55554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}