Friday, December 3

Oil rose 1% on OPEC reports on reserves and pandemic

Brent crude futures rose 81 cents, or 1%, to $ 79.94 a barrel; while WTI crude futures gained 81 cents, or 1%, at $ 76.75 a barrel. Benchmark crude index prices fell more than $ 1 in early trading, reaching their lowest levels since Oct. 1.

Japanese and Indian officials are working on ways to free up national oil reserves in conjunction with the United States and other major economies, in order to lower prices, seven government sources with knowledge of the plans told Reuters.

Such an announcement could be made Tuesday, according to a source familiar with the discussions, but White House and US Department of Energy officials said no official decision had been made.

Notably The discussions came after the U.S. government failed to persuade the Organization of the Petroleum Exporting Countries and its allies, including Russia, a group known as OPEC +, to pump more oil with major producers, arguing that the world would not it lacked raw.

The producer group agreed this month to stick to plans to increase oil production by 400,000 barrels per day (bpd) starting in December.

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