NEW YORK / LONDON (IT BOLTWISE) – Oil prices fell on Tuesday as OPEC+ announced a renewed increase in production. This decision reinforces fears of oversupply in the market. At the same time, geopolitical tensions, such as the Ukraine war and US sanctions against Russian oil producers, are influencing price developments.
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Oil prices fell on Tuesday due to a combination of geopolitical tensions and OPEC+ strategic decisions. The price of a barrel of North Sea Brent for delivery in January fell to $64.07, down 82 cents from the previous day. The price for a barrel of US WTI for delivery in December also fell by 84 cents to $60.22.
The announcement by OPEC+ that it would expand production volumes again at the end of the year has increased fears of oversupply on the market. This decision comes at a time when oil prices have already fallen significantly since the beginning of the year. In January, the Brent price was at times over $80, which makes the current development all the more remarkable.
At the same time, the Ukraine war remains a decisive factor for oil price developments. Ukraine has targeted more Russian oil facilities in new drone strikes, further inflaming geopolitical tensions. An explosion and several fires occurred during an attack on a petrochemical plant in the southern Ural city of Sterlitamak.
Meanwhile, support for oil prices comes from US sanctions against Russian oil producers. At a conference in Abu Dhabi, the heads of several major oil companies warned that the market was not taking the impact of these sanctions seriously enough. These geopolitical and economic factors contribute to a complex market situation that presents both opportunities and risks for investors.
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