Oil rises again amid uncertainty about Opec

Oil prices rose again on Tuesday on uncertainty surrounding Opec’s strategy, and as the European embargo on Russian crude came into force.

The price of the barrel of Brent of the North Sea, for delivery in January, gained 1.04%, to close at 88.36 Dollars.

The price of West Texas Intermediate oil (WTI), the US reference, also for delivery in January, rose 1.13%, to $80.95.

“Crude prices continue their rebound after the Saudi denial, yesterday, about a possible increase in Opec+ production”, that is, Opec and a dozen allied producers, Edward Moya, from Oanda, commented in a note.

Saudi energy minister Abdelaziz ben Salmane had refuted Monday a Wall Street Journal report about a possible increase in produced volumes, going up to 500,000 barrels per day.

On the other hand, according to the same newspaper, the United States and its European partners hope to reach an agreement on Wednesday to define the ceiling price applied to Russian oil exports.

This mechanism, promoted by the United States, would allow the Russians to continue exporting and thus evade the European embargo, as long as they do not sell it for more than around 60 dollars, according to the specialized newspaper.