World crude oil prices soar by $ 2.31.

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Oil prices soar at $ 2.31 as OPEC Plus news nears a deal.

West Texas Crude Oil Futures Tuesday’s close (Jan. 5) soars $ 2.31, the first time since Feb. After news that Petroleum Exporting Countries (OPEC) and Allies Or OPEC Plus Close to an agreement on oil production policy.

West Texas Crude Contract February delivery It traded at the Nimex market rose $ 2.31 to close at $ 49.93 / barrel. Brent crude oil contract Delivered in March. It rose 2.51 dollars to 53.60 dollars / barrel.

The source said OPEC Plus close to an agreement at today’s meeting. After a disagreement about oil production policy at yesterday’s meeting. And OPEC Plus will decide to maintain production in February. There will be no increase in production capacity. Due to concerns about weak oil demand. While countries take lockdown measures to control the spread of the COVID-19 virus.

Russia and Kazakhstan proposed a 500,000 bpd increase in production, but Iraq, Nigeria and the United Arab Emirates want to maintain production at the same level.

The source also revealed that The opportunity for OPEC Plus to cut production is very low. As hardly any country supports the proposal.

Oil prices were also driven by the situation in the Persian Gulf. After Iran seized a South Korean chemical carrier outside Oman’s waters. It accused the ship’s chemicals polluting the Persian Gulf and the Strait of Hormuz.

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