Oil prices rose again today holding at 3-week highs and still gaining ground from the OPEC+ decision.”We believe that the price impact of the announced measures will be significant,” said Jorge Leon, senior vice president at Rystad Energy. “By December this year, Brent would reach over $100\/bbl, up from our earlier call for $89.” The Biden administration is already talking about releasing more crude from the SPR or other ways to reduce OPEC market control. This all comes amid interest rate hikes from central banks across the globe to fight runaway inflation. These measures are expected to hurt demand and are what was pulling prices in the other direction. WTI traded up $0.69 or 0.8% to close at $88.45. Brent traded up $1.05 or 1.1% to close at $94.42.<\/p>\n\n\n\n
Oil prices rose again today holding at 3 week highs still gaining ground from the OPEC+ decision<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-7606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n