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Home » Oil prices fall slightly, OPEC+ sticks to its production plans

Oil prices fall slightly, OPEC+ sticks to its production plans

Thursday, February 3, 2022 Business 1 Min Read
Oil tops $83, as Omicron impact expected to be short lived

Oil prices fell, on Thursday, on some profit-taking, but remained supported by a supply shortage as OPEC + producers stuck to moderate increases in production.

Brent crude fell 17 cents, or 0.2 percent, to $89.30 a barrel, after rising 31 cents on Wednesday.

US West Texas Intermediate crude fell 31 cents, or 0.4 percent, to $87.95 a barrel, after rising 6 cents the previous day.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, stuck on Wednesday to moderate increases of 400,000 barrels per day in their oil production, despite pressure from major consumers to ramp up production more quickly.

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