WTI oil moved slightly higher aftter Reuters announced that OPEC + decided to maintain its current output hike of 400,000 barrels a day, however gains were quickly erased. Statement from a technical meeting yesterday showed that the group does not see a big impact from the Omicron variant as countries are reluctant to impose lockdowns, therefore today's decision was not a surprise.
OPEC+ also projects an oversupply in every quarter of 2022 if it maintains its monthly production hikes, though the full-year surplus estimated at 1.4 million bpd is lower than last month’s forecast of 1.7 million bpd. Meanwhile, Libya has begun maintenance on a ruptured pipeline that will shut 200,000 bpd of production.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appNow oil traders will focus on API report on oil inventories which will be released in the evening (9:40 pm GMT). Market expects a 3.4 mb drop in oil stockpiles.
Today's OPEC+ decision did not have a significant impact on the oil prices. WTI Oil (OIL.WTI) continues to trade around major resistance the $76.60 level. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
