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[size=36]Oil prices rise after OPEC fails to achieve production target[/size]
Economie| 09:10 - 09/21/2022
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Follow-up - Mawazine News:
Oil prices rose slightly, on Wednesday, after OPEC failed to achieve the production target, offset by fears of raising interest rates from the US Federal Reserve, which could lead to a recession.
Brent crude futures rose 14 cents, or 0.3 percent, to $90.76 a barrel by 04:40 GMT, after falling $1.38 the previous day.
US West Texas Intermediate crude was at $84.00 a barrel, up 6 cents.
On the supply side, the OPEC+ group of producers - the Organization of the Petroleum Exporting Countries and its partners including Russia - has fallen to a record 3.58 million barrels per day below its targets, or about 3.5% of global demand. market, even with recession fears driving prices lower.
The head of Saudi state oil giant Aramco said on Tuesday that Europe's plans to end consumer energy bills and tax energy companies are not long-term or beneficial solutions to the global energy crisis, driven in large part by a lack of investment in hydrocarbons.
Conversely, the Federal Reserve is widely expected to raise interest rates by 75 basis points for the third time in a row later on Wednesday as it seeks to rein in inflation. These expectations weigh on stocks, which often move in tandem with oil prices.
Higher interest rates supported the dollar, which approached a two-decade high on Tuesday, making oil more expensive for holders of other currencies.
Oil prices rose slightly, on Wednesday, after OPEC failed to achieve the production target, offset by fears of raising interest rates from the US Federal Reserve, which could lead to a recession.
Brent crude futures rose 14 cents, or 0.3 percent, to $90.76 a barrel by 04:40 GMT, after falling $1.38 the previous day.
US West Texas Intermediate crude was at $84.00 a barrel, up 6 cents.
On the supply side, the OPEC+ group of producers - the Organization of the Petroleum Exporting Countries and its partners including Russia - has fallen to a record 3.58 million barrels per day below its targets, or about 3.5% of global demand. market, even with recession fears driving prices lower.
The head of Saudi state oil giant Aramco said on Tuesday that Europe's plans to end consumer energy bills and tax energy companies are not long-term or beneficial solutions to the global energy crisis, driven in large part by a lack of investment in hydrocarbons.
Conversely, the Federal Reserve is widely expected to raise interest rates by 75 basis points for the third time in a row later on Wednesday as it seeks to rein in inflation. These expectations weigh on stocks, which often move in tandem with oil prices.
Higher interest rates supported the dollar, which approached a two-decade high on Tuesday, making oil more expensive for holders of other currencies.
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