Oil prices rise ahead of OPEC+ meeting

Oil rose in price on February 1 morning, with investors waiting for the OPEC+ decision on production, Report informs.

The price of April futures for Brent crude rose by 0.41% to $88.63 per barrel, March futures for WTI grew in price by 0.42% to $88.53.

Investors are looking forward to the OPEC+ meeting scheduled for February 2. On this day, the countries of the alliance will decide on oil production in March. Markets are expected to continue to increase their total production monthly by the target of 400,000 barrels per day on average.

Oil prices at $100 may not be far off as expectations are high that supply will not come close to demand as OPEC+ sets incremental production targets that they fail to meet, analysts told the Wall Street Journal.

In addition, traders retain some concerns about the oil production against the backdrop of geopolitical tensions between Ukraine and Russia, which also supports the rise in oil prices.