Crude oil prices continued an upward rally on Wednesday after the officials from Opec+ countries agreed to continue feeding a modest amount of additional oil into an increasingly tight market.
“In view of current oil market fundamentals and the consensus on the outlook, the OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation (DoC) decided to adjust upward the monthly overall production by 0.4 mb/d for the month of March 2022,†said the oil cartel in a press statement.
As of 1435 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.57 (+0.64 percent) to reach $89.73 a barrel. On the other hand, the US West Texas Intermediate (WTI) price reached $88.79 a barrel, up by $0.59 (+0.67 percent). Brent and WTI hit their highest levels since October 2014 on Friday, at $91.70 and $88.84 respectively. They gained about 17% in January.
The price for Opec Basket was recorded at $90.89 a barrel with a gain of 0.83 percent, Arab Light was available at $88.39 a barrel with a decrease of 0.15 percent and the price of Russian Sokol slipped to $89.99 a barrel with 0.13 percent increase.
Oil has been on a remarkable run in recent weeks, driven by very bullish fundamentals as disrupted supply struggled to keep up with strong demand. Oil prices have surged up to 2.43 percent for the sixth straight week, hitting the seven-year highs last week.
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