Wed. Feb 8th, 2023

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Oil prices ascend

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On Wednesday, oil prices ascend after facing losses before a meeting of OPEC along with its allies. The investors staking with the producers have agreed to widen their supply restraints till May.

Followed by a fall of 1.3% the last day, brent crude futures increase 0.2% or 15 cents to $64.29 per barrel at 02:02 GMT.

Followed by a fall of 1.6% in the previous session, U.S. West Texas Intermediate (WTI) crude futures escalate by 0.3% or 0.3% to $60.70 per barrel.

Tomorrow, after a month of victimized oil prices due to an extension of lockdown in Europe because of the pandemic lockdowns in Europe, measured vaccine rollouts and an increase in COVID-19 cases in Brazil and India, the Organization of the Petroleum Exporting Countries and allies, called OPEC+, will meet and discuss regarding the growing optimism in the US.

Last month, OPEC+ unexpectedly agreed to broaden supply curbs but it has mentioned few exceptions for Russia and Kazakhstan during the recovery of the fuel demand.

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