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Oil prices fall before the meeting of OPEC countries

Oil prices fell on Tuesday, while investors expected the world’s leading producers to keep promises of increased production during the meeting of the Organization of the Petroleum Exporting Countries (OPEC) countries.

Brent oil fell 25 cents to $ 78.74 a barrel, while US crude oil (WTI) fell 19 cents to $ 75.89 a barrel.

Analysts say the main factor influencing world oil prices at the moment is supply management by OPEC + countries.

According to experts, concerns over fuel demand from the spread of the Omicron variant are receding and the planned launch of strategic oil reserves is smaller than expected. Sources say that the cartel is expected to keep the promises of increasing production by 400 thousand barrels per day in February, as it has done every month since August 2021.

Finally, analysts warn that OPEC + could change course if tensions rise between the West and Russia over Ukraine, or if talks on Iran’s nuclear program make progress, which is expected to lift oil sanctions on the country. 

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