Oil continues to rise ahead of the OPEC+ meeting on Tuesday, where production policy will be discussed for February.
In oil, where the positive atmosphere continues in the markets, the attention will be on the OPEC + meeting to be held on Tuesday.
New York futures contracts, which fell 2.3 percent on Friday, remain at around $76. Production is expected to fall to the lowest point in the last year due to the damaged pipeline in Libya, where militia groups closed its largest production area two weeks ago. The reopening of economies with the advent of vaccines led to a surge in energy demand and oil’s biggest annual rise since 2009. While OPEC+ is expected to decide on an increase of 400 thousand barrels per day at the meeting to be held on Tuesday, concerns about demand continue due to the increasing Kovid-19 cases in China and flights canceled due to the Omikron variant.
West Texas Oil for February delivery rose 0.7 percent to $75.76 on the Nymex market. Brent Oil for March delivery rose 0.7 percent to $78.32 on the London ICE Futures Europe market.