Amid the suspense surrounding the Organization of Petroleum Exporting Countries (OPEC)'s decision on production, expected Sunday, oil prices ended the week on a mixed note.

In February, the price of a barrel of North Sea Brent for delivery fell by 0.10%, closing at $86.88. It was the first day of use as a reference contract. For its part, the American West Texas Intermediate (WTI) barrel rose for the fourth consecutive session, gaining 0.83% to $81.22 with maturity in January.

According to Edward Moya of Oanda, in a note, “(WTI) prices have risen with the hope that China will continue to relax its anti-COVID regime and the feeling that OPEP+ (OPEC and partners in the OPEC+ agreement) will do everything it can to support prices”. New daily coronavirus cases fell on Wednesday for the fourth day in a row according to the Chinese National Health Commission (NHC). In several major cities in the country, including Shanghai, Beijing and even Canton (south), health restrictions have been eased or removed despite a record number of contaminations in the latter.

The dynamics of black gold were also rooted in statements by the president of the American Central Bank (Fed), Jerome Powell, according to Michael Lynch of Strategic Energy & Economic Research. Jerome Powell on Wednesday signalled a possible reversal in the Fed's monetary policy as early as this month.