Crude oil prices turned upward at the end of Monday’s session and morning trading on Tuesday, due to expectations of another cut in oil production by the “OPEC” alliance.
The alliance will hold a meeting on December 4 to discuss developments in the global oil market and expectations of demand for crude in light of the existing economic and health scenarios.
China is witnessing escalating closures, in light of the highest number of infections recorded this year with the Corona virus, which means that the demand for energy in factories is declining.
In today’s morning trading, Brent crude futures prices for February delivery rose 1.68 percent, or $1.40, to $85.30 a barrel.
US West Texas Intermediate crude futures for January delivery also increased by 1.51 percent, or $1.24, to $78.50 a barrel.
The global oil market is under pressure, despite the imminent embargo of Russian oil transported by sea, the outbreak of Corona in China, and fears that the global economy will enter a recession.