Reuters Jessica Lutz
Oil prices retreated from their highest levels in several months in volatile transactions on Monday, while the “OPEC +” group postponed the decision to increase production until Tuesday.
Brent crude futures, the world benchmark, ended the trading session down 71 cents, or 1.37%, to settle at $ 51.09 a barrel, while West Texas Intermediate crude futures fell 90 cents, or 1.85%, to settle at $ 47.62 a barrel.
For their part, oil producers in the “OPEC +” group were divided regarding the increase in oil production next February, with some fearing the impact of a new wave of closures related to the Corona virus, while Russia and Kazakhstan indicated that “the recovery in demand justifies the increase in production.”
Tensions in the Middle East boosted oil prices earlier today, after the Iranian Revolutionary Guards detained a South Korean flag carrier in Gulf waters and Tehran resumed uranium enrichment at a higher rate.