Oil prices rose more than 1 percent on Tuesday, after plunging to a nine-month low the previous day, amid signs that the OPEC+ alliance may begin to cut production to avoid a further price collapse.<\/p>\n\n\n\n
US NYMEX crude rose to levels near $78 a barrel during these moments of trading today after falling earlier to levels below $77, an increase of 1.5 percent, or the equivalent of $1.2 a barrel.<\/p>\n\n\n\n
And Brent crude, the benchmark, increased during these moments of trading, today, Tuesday, by more than 1.4 percent, reaching levels of $ 84.2, after falling earlier to below $ 83 a barrel.<\/p>\n\n\n\n
On Tuesday, the dollar fell from its highest level in 20 years, which it touched on Monday, adding some reassurance to the oil market.<\/p>\n\n\n\n
In the previous two trading sessions, Brent crude fell 7.1%. In contrast, WTI fell 8.1%, under pressure from a stronger dollar, which makes US dollar-denominated crude oil more expensive for buyers of other currency holders, as well as growing fears that higher interest rates will lead to a recession from It would reduce the demand for fuel.<\/p>\n\n\n\n
Reacting to the recent declines, officials from major producers have hinted that measures could be taken to keep prices stable.<\/p>\n\n\n\n
Iraqi Oil Minister Ihsan Abdul-Jabbar said on Monday that the OPEC+ alliance was monitoring the situation in the crude markets and that he wanted to maintain balance in the markets.<\/p>\n\n\n\n
Analysts said that additional selling in the oil markets could lead to the intervention of OPEC + to support prices by collectively reducing its production.<\/p>\n\n\n\n
The OPEC+ group boosted production this year after record cuts in 2020 due to the collapse in demand caused by the outbreak of the Covid-19 pandemic. However, in recent months the conglomerate has failed to deliver on planned production increases, which could undermine the effectiveness of any announced supply cuts.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose more than 1 percent on Tuesday, after plunging to a nine-month low the previous day, amid signs that the OPEC+ alliance may begin to cut production to avoid a further price collapse. US NYMEX crude rose to levels near $78 a barrel during these moments of trading today after falling earlier to …<\/p>\n","protected":false},"author":9,"featured_media":61009,"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":[38,37,36],"tags":[7808,6846,7536],"class_list":["post-72954","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-economic-slowdown","tag-oil","tag-recession"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72954","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=72954"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72954\/revisions"}],"predecessor-version":[{"id":72956,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72954\/revisions\/72956"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61009"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=72954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=72954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=72954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}