Oil declined after the decision to increase production as expected after the OPEC+ meeting.
After the OPEC+ decision, oil turned its direction downwards, loosening from the peak of the last seven years.
West Texas Oil turned down from the $90 mark on Wednesday. OPEC+ decided to increase production after its meeting on Wednesday. The rally of oil continues to be supported by factors such as stronger demand after the pandemic, low stocks, and problems in the supply chain for weeks. While oil is making a strong start to 2022, Goldman Sachs states that the world’s most crucial commodity may see over $100.
“Brent is trading just under $90, but we maintain our bullish view,” said Chinese Banking Corp economist Howie Lee.
West Texas Oil fell 0.6 percent to $87.77 on the Nymex market.
Brent oil fell 0.4 percent to $89.72.