OPEC to Maintain Supply Policy, Oil Prices Steady
OPEC and its allies are set to stick to their current supply policy at a review meeting next week, resisting pressure from Trump to raise output and lower crude prices.
Oil prices steadied after a volatile session yesterday after U.S. President Donald Trump raised the stakes on planned tariffs, potentially adding to risks to global trade.
Trump’s comments continued to lift the U.S. dollar, a drag on most commodities. Still, crude remains slightly higher this year despite recent declines as the Northern Hemisphere winter and sanctions on Russian crude and shipping pushed prices higher.
Brent crude, which hit $81 in the middle of this month, has since slid as Trump’s tariff threats rattled markets. It is now at $77.25 a barrel, up about 0.1%, and WTI is at $73 a barrel, up about 0.5%.
Trading volumes in Asia on Tuesday are likely to be lower due to the upcoming Lunar New Year holiday.
Source: Newsmaker