WTI crude oil futures surpassed $ 50 today. This is the first time since February. After news that Petroleum Exporting Countries (OPEC) and Allies Or OPEC Plus Close to an agreement on oil production policy.
At 11.51 p.m. Thai time, the West Texas Crude Oil (WTI) contract will be delivered in February. It traded up $ 2.34, or 4.91 percent, to $ 49.96 a barrel. After touching the previous $ 50.05 level
The source said OPEC Plus close to an agreement at today’s meeting. After a disagreement about oil production policy at yesterday’s meeting.
The source said 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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