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Oil Hits New Yearly High

Benzinga

14 Views • Oct 05, 2021

Description

OPEC+ nations chose to maintain agreed-upon production increases previously on Tuesday. The top oil-producing countries were under pressure to increase input more quickly as part of a COVID-19 recovery plan. Oil prices have risen 50% in 2021, adding to inflation concerns in countries with massive consumption like the U.S. and India. Moreover, these countries fear that rising prices could stall the economic recovery. After OPEC chose to maintain its output, Brent crude rose 1.3% to $82.33. U.S. West Texas Intermediate rose 1.2% to $78.51.

Keywords & Tags

#opec #COVID-19 #inflation #commodities #U.S. #economic recovery #oil #Oil prices #gas #India #Brent crude #West Texas Intermediate #OPEC #OPEC Nations #3-year high #Yearly High #Maintain Production #production increase #oil-producing #massive consumption #rising prices

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