Brent crude is trading below $44 per barrel

On Wednesday morning, world oil prices did not show the overall dynamics of its main brands, while markets assess the data of the American Petroleum Institute (API) on the growth of US stocks over the past week and await official figures, Angi reports.

The price of December futures for Brent rose by 0.05% to $43.77 per barrel, and December futures for WTI – decreased by 0.12% to $41.38 per barrel.

 Investors also consider the fact that following the meeting on Tuesday, JMMC promised to give recommendations on the future agreement for the meeting of the alliance on December 1.

The new OPEC+ agreements started in May with a reduction in oil production by 9.7 million barrels per day for three months. Since August, the alliance has continued to adhere to production restrictions, but already at 7.7 million barrels per day from the initial level for the period until the end of the year. It is further assumed that from January to the end of April 2022, OPEC+ will adhere to an oil production level of 5.8 million barrels per day, less than the initial level.

"The hopes that OPEC+ will continue to cut at the current level and in 2021, or even increase the cut, support prices," - noted Nissan Securities.

Earlier it was reported that Libya would form units to protect oil facilities.

Tags: oil, coronavirus, OPEC+, negotiations, Brent, WTI, pandemic, decline in production

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