Last update: January 6, 2022 3:34 pm
oil
On Thursday, oil prices abandoned their highest levels in more than a month, as producers in OPEC + adhered to the plan to increase production and a jump in fuel stocks in the United States, amid a decline in demand.
Brent crude futures fell 87 cents, or 1.08 percent, to $79.93 a barrel by 01:54 GMT.
US West Texas Intermediate crude futures lost 62 cents, or 0.8 percent, to $77.23 a barrel.
The two contracts rose yesterday, Wednesday, to their highest levels since late November.
OPEC+, the group that includes members of the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, agreed on Tuesday to raise production by another 400,000 barrels per day in February, which it has been doing every month since August.
US crude stocks fell last week, while gasoline stocks increased by more than ten million barrels, in the largest weekly increase since April 2020, with the stability of refinery production and a decline in fuel demand.
The minutes of the US Federal Reserve meeting showed that the central bank’s policy makers may be forced to raise interest rates faster than market expectations, which led to additional pressure on oil prices.
