Brent contracts breach $ 80 a barrel, up after the OPEC meeting


The oil group plans to increase production by 400,000 barrels per day in February

Oil futures extended gains, with global benchmark Brent crude rising above $80 a barrel, its highest since November.

The rise comes after the end of the longest meeting of the Organization of Petroleum Exporting Countries (OPEC), Russia and its allies, the group known as OPEC +, today, Tuesday, the twenty-third meeting that has been open since last December 2, to follow up on the impact of Omicron on oil markets.

The members of "OPEC +" agreed to keep the oil production policy unchanged, by increasing production by 400,000 barrels per day in February, according to the agreement.

Oil prices continued to rise, today, Tuesday, after a rise that exceeded 1% yesterday, in the hope of a further recovery in demand in 2022.

Brent crude rose 0.44% in morning trading, to reach $79.32 a barrel, while US crude rose by 0.34%, to reach $76.34 a barrel.

And yesterday, US light crude futures rose 87 cents, or 1.16%, to settle at $76.08 a barrel. Brent futures contracts were not less fortunate than the previous ones, as they also rose by $1.20, equivalent to 1.54%, to reach at settlement $78.98 a barrel.

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