Oil prices climbed on Wednesday as investors sifted through major oil producers’ latest decision on output and a U.S. fuel inventory report
NEW YORK, Jan. 6 (UrduPoint / Pakistan Point News – 6th Jan, 2022 ) –:Oil prices climbed on Wednesday as investors sifted through major oil producers’ latest decision on output and a U.S. fuel inventory report.
The West Texas Intermediate for February delivery added 86 cents, or 1.1 percent, to settle at 76.99 U.S. Dollars a barrel on the New York Mercantile Exchange.
Brent crude for March delivery increased 80 cents, or 1 percent, to close at 80.80 dollars a barrel on the London ICE Futures Exchange.
“The market is clearly concentrating on the price-supportive news: the further increase in oil production has been interpreted more as a sign that OPEC+ sees the risks to oil demand posed by Omicron as being low,” Barbara Lambrecht, energy analyst at Commerzbank Research, said Wednesday in a note.
