West Texas Crude Oil Contract Delivered in Feb. which traded at Nymex, minus $ 1.33, or 1.6 percent, to $ 79.68 / barrel. Brent Crude Oil Contracts It fell 81 cents, or 0.9%, at $86.66 a barrel.
Oil prices rose yesterday driven by the expectation that Global oil demand will see a strong recovery following China’s opening up. Markets also respond to the bright US economic data.
Investors are also on the lookout for the meeting of the Joint Ministerial Review Committee (JMMC) of the Petroleum Exporting Countries and Allies (OPECPlus) on February 1, as the meeting is expected to JMMC will resolve for OPEC+ to maintain its current policy of cutting output by 2 million barrels per day until the end of 2023.
