WTI and Brent crude oil futures are higher in early trading, gaining amid OPEC+’s...
WTI and Brent crude oil futures are higher in early trading, gaining amid OPEC+’s decision to stick to its planned output increase despite pressure to increase supply and lingering geopolitical tensions in Eastern Europe and the Middle East. Ahead of the official EIA data later today, investors also digested last night’s API report which showed U.S. crude stocks fell by 1.6 million barrels last week, against analysts' estimate of an increase of 1.5 million barrels. OPEC+ agreed to raise its oil output by 400,000 barrels per day in March, despite pressure from top consumers to speed up production increases after crude prices hit seven-year highs. OPEC+ blamed surging prices on the failure of consuming nations to ensure adequate investment in fossil fuels as they shift to greener energy.
Brent crude was up $1.16 cents, at $90.32 a barrel by 1303 GMT.
U.S. West Texas Intermediate crude rose $1.28 to $89.48 a barrel.
OPEC+ Agrees on Another Gradual Oil-Output Hike for March
OPEC and its allies agreed to make another modest output increase in March, sticking...
OPEC and its allies agreed to make another modest output increase in March, sticking to their plan even as the failure of several members to deliver the scheduled monthly supply hikes stokes a rally in crude prices.
After a brief meeting on Wednesday, the 23-nation coalition rubber-stamped the nominal revival of 400,000 barrels a day for March, according to a statement posted on its website. The alliance has made identical pledges in previous months, but a Bloomberg survey showed that the Organization of Petroleum Exporting Countries barely managed to increase supplies in January due to issues ranging from under-investment to militia unrest.
