Oil falls, records weekly losses ahead of OPEC+ meeting

27/01/2023 Argaam

Oil prices fell, on Jan. 27, amid continued evaluation of global crude demand.

 

Investors are anticipating OPEC+ meeting that will be held next week, amid forecasts of keeping oil supplies unchanged.

 

Crude oil prices have increased significantly since the beginning of 2023, driven by optimism about demand recovery in China following the ease of COVID-19 restrictions.

 

The US drilling rig count declined four units to 609 in the week ended Jan. 27, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

Brent futures for March delivery traded 0.9%, or $0.81 lower at $86.66 a barrel, with weekly losses of 1.1%.

 

West Texas Intermediate (WTI) crude for March delivery fell 1.6%, or $1.33, to reach $79.68 a barrel, with weekly losses of around 2%.

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