Oil prices disappoint US President Joe Biden

Oil prices rose today, Wednesday, extending gains from the previous day, as investors’ doubts about The effectiveness of a US-led move to withdraw from strategic oil reserves They shifted their focus to the next step for oil producers.

By 07:42 GMT, Brent crude futures rose 13 cents, or 0.2%, to $ 82.44 a barrel, after jumping 3.3%, on Tuesday.

West Texas Intermediate crude futures rose 20 cents, or 0.3%, to $78.70 a barrel. It had recorded an increase of 2.3%, the previous day.

The United States said on Tuesday that it would withdraw two million barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, in an attempt to lower prices after oil producers in the OPEC + group ignored repeated calls for them to pump more crude.

Analysts said that the impact of a coordinated withdrawal of reserves on prices will likely be short-lived, after years of declining investments and a strong global recovery from the Covid-19 pandemic.

All eyes are now turning to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, or the bloc known as OPEC +, to know their reaction to the joint withdrawal from the reserves at their meeting, which takes place on the second of December to discuss production policy.

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