Oil prices decline with OPEC Plus plans to increase production
Retracted Oil prices fell by about 2% at settlement on Tuesday, recording their third consecutive decline, with investors assessing the impact of US sanctions on two Russian oil companies "Lukoil" and"Rosneft"In addition to indications of the intention of an OPEC Plus Increase production soon.
Brent crude fell $1.22, or 1.9%, to close at $64.40 a barrel, while US West Texas Intermediate crude fell $1.16, or 1.9%, recording $60.15.
These declines come after strong weekly gains last week, following Washington’s imposition of sanctions on Moscow targeting the two companies. The two Russian countries mentioned due to the Ukrainian crisis.
Global production abundance
The Executive Director of the International Energy Agency, Fatih Birol, indicated that the impact of the sanctions will be limited given the abundance of global production, while sources in OPEC Plus to confirm the alliance’s trend towards a slight increase in production during next December.
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