Oil prices rose on Wednesday, extending gains from the previous day as investors remained skeptical about the effectiveness of the US-led move to withdraw from strategic oil reserves and shifted their focus to the next step for oil producers.
According to Arab Net, by 07:42 GMT, Brent crude futures increased 13 cents, or 0.2%, to $ 82.44 a barrel, after jumping 3.3%, Yesterday Tuesday.
West Texas Intermediate crude futures rose 20 cents, or 0.3%, to $78.70 a barrel. And it recorded an increase of 2.3%, the previous day.
The United States said on Tuesday that it would withdraw two million barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, in an attempt to lower prices after ignoring oil producers in a group OPEC + to repeated calls asking them to pump more crude.
The impact of a coordinated withdrawal of reserves on prices will likely be short-lived, after years of declining investment and a strong global recovery from the Covid-19 pandemic, analysts said.
All eyes are now turning to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, or the bloc known as OPEC+, to find out their reaction to the joint withdrawal from the reserves at their meeting. which takes place on the 2nd of December to discuss production policy.
