Crude oil rose almost 5% today due to credible rumors that OPEC + will not increase production in February
Today is the second day of negotiations of the OPEC + group. Recent reports indicate that Russia agreed to keep production unchanged in February. Last year the group agreed to meet on monthly basis and decide whether to raise the production limit by half a million barrels a day. Yesterday the decision was not made due to the strong pressure from Russia, which wanted to increase production.
WTI crude oil is again close to the level of $ 50 a barrel. Maintaining the current level of production is a sign that OPEC + does not expect that demand will return in the near future. Source: xStation5
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