oil prices to decrease

Oil prices to decrease as OPEC+ decides to raise Production

Is this any good news? Oil prices to decrease as OPEC+ decides on fulfilling the sales gap created by Russia with limiting the supply of oil. Will countries be able to reduce inflation?

On Friday OPEC+ countries decides on increasing the oil supply by 648,000 barrels per day, resulted in the oil prices to decrease.

The International benchmark Brent crude was trading at $117 .61 per barrel, this closed to $117.12. This is a reduction in oil by 0.42%.Similarly, WTI (West Texas Intermediate) reported 0.51% loss, closing at $116.24 per barrel.

OPEC+ countries that is an alliegnment of 23 countries then decides to raise the production of oil in the coming month. Experts believe that the raise in daily production of oil will serve to close the gap that Russia created via limiting output. By the end of 2022, EU leaders are also planning to cut down 90% oil imports from Russia. In the meantime, there is a fear of tight global supply as the CoVid-19 lockdown ended in China after a two months period!