Global oil prices up 1% ahead of OPEC+ meeting

Global oil prices rose by more than 1% in anticipation of the OPEC+ meeting, Report informs.

The price of April futures for Brent crude rose by 1.06% to $89.47 per barrel, March futures for WTI rose in price by 1.17% to $87.83 per barrel.

The OPEC+ meeting is scheduled for February 2. On this day, OPEC+ countries will decide on oil production in March. Markets believe that the alliance will continue to increase monthly production by the planned 400,000 barrels per day.

As countries outside the cartel struggle to increase production in accordance with the agreed plan, some tension in the oil market is likely to remain, according to the Wall Street Journal.

Prices are also supported by geopolitical tensions around Ukraine.

Now that oil is $90, it won’t take long to push prices up to $100, and that will only exacerbate the global energy crisis, the newspaper wrote.