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Oil: Prices close to balance on Tuesday

02/11/2021
Categories: Raw materials

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Oil is groping without signals from the meeting of members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies via the OPEC+ agreement scheduled for Thursday.

Oil prices were close to equilibrium on Tuesday as the market struggled to find a clear direction. Around 10:25 a.m. GMT (11:25 a.m. CET), the price of a barrel of Brent from the North Sea for delivery in January gained 0.07% compared to the previous day's close, at 84.77 dollars. In New York, the barrel of West Texas Intermediate (WTI) for the month of December was almost stable, advancing 0.01% to 84.06 dollars. The market is currently counting on a continuation of the current policy, namely a measured increase of 400,000 barrels daily for the last month of the year.

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