This morning, there was a 2% rise in oil prices, and producers have agreed to stick with their planned increase for February. They planned this over the idea that the new Omicron Variant would only have a mild impact on demand. According to Reuters: Brent crude was up $1.50, or almost 2%, at $80.48 a barrel by 1450 GMT, and U.S. West Texas Intermediate (WTI) crude rose by $1.48, or 2%, to $77.56.
Sources have said the OPEC+ group agreed to add over 400,000 barrels per day to output in February. Because December’s production was not widely affected by the Omicron variant, the production turned out extraordinary, showing significant signs as the pandemic pushes on. However, people have worried that OPEC+ may have to change prices through over-political strife between Ukraine and Russia or Iran’s nuclear talks with major powers make progress, which would lead to an end to oil sanctions on Tehran. The two are considered wildcards by the company and could vastly change the oil price.
Investor’s Edge with Gary Kaultbaum can be heard on weekdays on MoneyTalk 1010. Gary Kaltbaum is a registered investment advisor with more than 30 years of market experience. He is the owner and President of Kaltbaum Capital Management, a financial investment advisory firm headquartered in Orlando, Florida. He is a Fox News Channel Business Contributor regularly appearing on Fox News Channel and the Fox Business Network. In addition, Gary is the author of the book “The Investors Edge” and the host of a nationally syndicated radio show with the same title, “Investors Edge,” broadcast on numerous stations across the U.S. The show is also available on-demand and airs live 6-7 pm EST Monday-Friday. You can hear past shows online at garykaltbaum.com.
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