Oil prices rise before a meeting of “OPEC +”

Oil prices rose today, ahead of a meeting in which major producers are expected to commit to plans to increase supplies in February, while the rise in “Covid-19” infections did not lead to shutdowns in the largest fuel consuming countries so far.

Brent crude rose 43 cents to $79.41 a barrel, while US West Texas Intermediate crude futures recovered from its losses earlier, and rose 33 cents to $76.41 a barrel.

Brent and West Texas crude futures contracts fell more than 1% on Monday.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies, the group known as OPEC+, are scheduled to meet today.

Three sources in “OPEC +” told “Archyde.com”, that the organization is likely to adhere to its plan to increase production by 400,000 barrels per day in February, as it has done every month since August.