Oil prices rise as OPEC+ meeting approaches
Oil prices are rising today, with attention focused on the upcoming OPEC+ meeting and further developments in the Russia-Ukraine conflict. Shortly before 17:00 CEST, North Sea Brent crude was up around 0.8 percent, trading close to 68.7 dollars per barrel. US light crude West Texas Intermediate (WTI) had gained almost 1.8 percent, rising above 65 dollars per barrel.
OPEC+, which includes member countries of the Organization of the Petroleum Exporting Countries (OPEC) and their allies led by Russia, will discuss its production policy on Sunday. Analysts expect the group not to lift the remaining voluntary production cuts, which help keep oil prices above 60 dollars per barrel, Reuters reported.
UBS analyst Giovanni Staunovo said that expectations of a further decline in US crude inventories are also contributing to rising oil prices. Analysts said concerns about supply disruptions resulting from an escalation of the conflict between Russia and Ukraine are also pushing oil prices higher.
Oil prices in dollars per barrel (about 159 liters):
| EXCHANGE | TYPE | CONTRACT | CURRENT PRICE | PREVIOUS CLOSE |
| London - ICE | Brent | November | 68,69 | 68,15 |
| New York - NYMEX | WTI | October | 65,14 | 64,01 |
Translation disclaimer
This article is a machine translation of the Czech original and has not yet been fully reviewed. In case of any doubt, please refer to the Czech version.
