RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Commodities

Oil Prices Rise as OPEC+ Strategize Over Covid-19 Variant Fears

Rate Captain by Rate Captain
December 2, 2021
in Commodities, Economics, Markets
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

AlsoRead

IMF- Global Economy growth is expected to be slow in 2023

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

Inflation Will Defy CBN’s Monetary Policy Efforts, To Hit 21.6% – Cape

On Thursday, the 2nd December oil prices rose as market investors modifies their strategies ahead of the much anticipated OPEC+ meeting where the cartels supply policy will be discussed. The OPEC+ meeting was instigated by fears of demand shortfall because of the Omicron Covid-19 variant.

Brent Crude futures rose by 1.2%, to $69.72 at 04:02 GMT, U.S. West Texas Intermediate (WTI) crude futures gained 1.3%, to $66.42 a barrel.

Senior economist at NLI Research Institute Tsuyoshi Ueno stated, “Investors unwound their positions ahead of the OPEC+ decision as oil prices have declined so fast and so much over the past week,”

Ueno further explained, “The Market will be watching closely the producer group’s decision as well as comments from some of the key members after the meeting to suggest their future policy,”

On Thursday, Organization of the Petroleum Exporting Countries and its allies will conclude on their supply strategy, whether to increase oil supply into the market.

OPEC+ has consistently added 400,000 barrels per day to global supply chain. However, the Omicron variant has created a perplexing situation, with market analysts theorizing that OPEC+ could pause those additions in January in an attempt to slow supply growth.

An analyst at Fujitomi Securities Co Ltd said  “Oil prices climbed as some investors anticipate that OPEC+ will decide to maintain the current supply levels in January to cushion any damage on demand from the Omicron spread,”

The Japanese government has warned the global market of the economic impact, which could arise from the Omicron variant, With the United States also reporting its first case of the variant.

David Turk, the U.S Deputy Energy Secretary, has revealed that the planned release of strategic crude oil stockpiles might be put on halt if oil prices drop significantly. U.S crude stock fell last week as inventory data suggests that gains in the oil market occurred on Thursday.

Previous Post

CEO’s Sells Approximately $69 Billion in Stock in 2021

Next Post

Nigeria Should Cautiously Decommission Fossil-Fuel

Related News

IMF- Global Economy growth is expected to be slow in 2023

IMF- Global Economy growth is expected to be slow in 2023

by Rate Captain
February 1, 2023
0

The International Monetary Fund on Monday 31 January 2023 published its latest economic growth projections for 2023 and 2024 in...

Nigeria’s Inflation Climbs to 19.6% in July 2022

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

by Rate Captain
January 16, 2023
0

The Nigeria inflation rate in December 2022 eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%....

Ghana’s Inflation Rate Surges 33.9%, the highest in 21 Years

Inflation Will Defy CBN’s Monetary Policy Efforts, To Hit 21.6% – Cape

by Rate Captain
January 13, 2023
0

Cape Economic Research and Consulting has predicted a surge in Nigeria’s inflation amidst the Central Bank of Nigeria’s Monetary tightening...

CBN plans to use GSI in recovering loans from defaulters on the Anchor Borrowers’ Program

Food prices continue to surge in November 2022

by Rate Captain
December 28, 2022
0

The National Bureau of Statistics (NBS), said that prices of selected food items increased in November. This is, according to...

Next Post

Nigeria Should Cautiously Decommission Fossil-Fuel

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Airtel Africa’s nine-month turnover hits $3.9billion.

Airtel Africa’s nine-month turnover hits $3.9billion.

February 3, 2023
Charges on cash transactions skyrocketed by POS agents.

Charges on cash transactions skyrocketed by POS agents.

February 3, 2023

Popular Story

  • CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies

    CBN Directs Banks to Start Paying New Naira Notes Over the Counter.

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria Annual profit hits N361.5 billion.

    0 shares
    Share 0 Tweet 0
  • Shell’s annual profit hits $39.9 billion.

    0 shares
    Share 0 Tweet 0
  • Charges on cash transactions skyrocketed by POS agents.

    0 shares
    Share 0 Tweet 0
  • Naira depreciates to N749/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>