Oil Tops $80 After OPEC+ Sticks To Plan To Ease Cuts

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  • Brent crude tops $81 ahead of today's EIA crude inventory data
  • Investors saw OPEC's decision to continue easing production cuts in February as a bullish signal

Oil prices rose by 1% early on Wednesday, with Brent Crude topping $80 per barrel, after OPEC+ signaled confidence in oil demand through the Omicron wave and reiterated its view that the variant’s impact on fuel consumption would likely be “mild and short-lived.”

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Original Article Source Credits: oilprice.com, https://oilprice.com

Article Written By: Tsvetana Paraskova 

Original Article Posted on: Jan 05, 2022

Link to Original Article: https://oilprice.com/Energy/Oil-Prices/Oil-Tops-80-After-OPEC-Sticks-To-Plan-To-Ease-Cuts.html

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