Crude oil rises on OPEC’s decision to boost output

February 03, 2022 02:43 PM AEDT | By Arpit Verma

Crude oil rises on OPEC’s decision to boost output — Image source: © Gumpapa | Megapixl.com

Tumbling US stockpiles

The US crude stockpiles tumbled by 1 million barrels in the last week as per the data released by the U.S. Energy Information Administration, buoying oil prices. Additionally, the distillate inventories also tumbled amid strong demand.

Oil prices

Source: © Bon4ire | Megapixl.com

OPEC+ agreed-upon plans to boost the output by 400,000bpd. However, the group is struggling to meet the existing targets due to less investment in fossil fuels as the world makes a swift transition to greener energy.

Bottom Line

Crude oil prices inched higher on Wednesday after OPEC+ decided to go with its initial plan to increase the output for the coming months to balance the ongoing supply crisis in the market.

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