Oil price recovers after OPEC rejects Biden’s push for more supplies – CityAM : CityAM

Oil prices showed signs of recovery on Friday, with Brent Crude rising to $81.25 after sharply falling two per cent from $84 a barrel on Thursday.

WTI Crude also increased by over nearly $1 from Thursday, having declined 2.5 per cent in the previous session.

The returns to growth follow OPEC+ producers rebuffing calls from US president Joe Biden to further raise supplies to cool rising prices.

Instead, the organisation maintained its strategy for a gradual return of output halted by the coronavirus pandemic.

The OPEC+ group of major producers agreed on Thursday stick to its plans to raise oil output by 400,000 barrels per day from December.

Oil prices recently touched seven-year highs, but fell earlier this week on a U.S. stocks build-up and signs that high prices could encourage more supply elsewhere.

Brent Crude is on track for a nearly four per cent decline this week, the second straight week it has fallen.

Nevertheless, prices remain very high in contrast to the pandemic, with rising wholesale energy costs wreaking havoc with the UK energy sector and raising petrol costs to record levels.

Also Read:

Oil price slump puts the breaks on multi-week rally