Earlier Friday, oil prices rose by more than $2 a barrel, after the OPEC + group said it may revise its policy to increase production in a short time if the increase in lockdowns due to the epidemic affects demand.
Brent crude futures rose 21 cents, or 0.3 percent, to $69.88 a barrel upon settlement, while US West Texas Intermediate crude futures fell 24 cents, or 0.4 percent, to $66.26 a barrel upon settlement.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, what is known as OPEC +, surprised the markets on Thursday, when it announced adherence to plans to increase oil production per month by another 400,000 barrels per day in January.
But producers left the door open for a quick policy change if demand was hit by Omicron’s containment measures. They said they might meet again before their next scheduled meeting on January 4th if necessary.
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