OPEC+ Acts to Reduce Supply, Crude Oil Prices Continue to 'Drop'!

<p>Oil prices rose in early trading today following OPEC+'s decision to maintain its oil production policy despite the move showing weekly losses amid reports of a ceasefire between Israel and Hamas.</p><p><br /></p><p>Meanwhile, Brent crude rose 37 cents (0.5%) to $79.07 a barrel and West Texas Intermediate (WTI) rose 30 cents (0.4%) to $74.12 a barrel.</p><p><br /></p><p>Yesterday, sources said OPEC+ is maintaining its oil production policy and will decide in March whether or not to extend voluntary oil production cuts in the first quarter.</p><p><br /></p><p>The Organization of the Petroleum Exporting Countries (OPEC) and its allies cut production by 2.2 million barrels per day for the first quarter as announced in November.</p><p><br /></p><p>However, crude oil prices are heading for a weekly loss of about 5% as unsubstantiated reports of a cease-fire between Israel and Hamas have limited gains and sent the contract down more than 2% yesterday.</p><p><br /></p><p>In addition, Russian oil tankers also continued to sail through the Red Sea unmolested by the Houthi group.</p><p><br /></p><p>The Iranian-allied organization announced that its navy had attacked a British commercial ship.</p>