Oil prices fluctuate weakly during Asian trading on Wednesday after a sharp rise on Tuesday caused by OPEC + decision to keep the plan to increase oil production by 400 thousand barrels per day in February, Interfax reported.

The cost of March Brent oil futures on the London ICE Futures stock exchange amounted to $ 80.06 per barrel on Wednesday morning, which is $ 0.06 (0.08%) higher than the price at the close of the previous session. As a result of trading on Monday, these contracts rose by $ 1.02 (1.3%) - up to $ 80.00 per barrel.

The price of WTI crude oil futures for February in electronic trading on the New York Mercantile Exchange (NYMEX) was by this time $ 77.01 per barrel, which is $ 0.02 (0.03%) higher than the final value of the previous session. By the close of trading on Tuesday, the value of these contracts increased by $ 0.91 (1.2%) and amounted to $ 76.99 per barrel.

Following the January meeting, the OPEC + ministers decided to adhere to the previously adopted plan to increase production in February, despite forecasts of a surplus in the market and the spread of the new omicron coronavirus strain.

The next OPEC + meeting is scheduled for February 2.

OPEC +’s new oil deliveries signal a consensus among a group of producing countries that oil demand will continue to rise despite some omicron-driven constraints.

The American Petroleum Institute (API) said on Tuesday evening that US crude inventories fell 6.4 million barrels in the week ended December 31, the sources said. At the terminal in Cushing, where oil traded on the NYMEX is stored, reserves increased by 2.3 million barrels.