WTI oil moved slightly higher aftter Reuters announced that OPEC + decided to maintain its current output hike of 400,000 barrels a day, however gains were quickly erased. Statement from a technical meeting yesterday showed that the group does not see a big impact from the Omicron variant as countries are reluctant to impose lockdowns, therefore today's decision was not a surprise.
OPEC+ also projects an oversupply in every quarter of 2022 if it maintains its monthly production hikes, though the full-year surplus estimated at 1.4 million bpd is lower than last month’s forecast of 1.7 million bpd. Meanwhile, Libya has begun maintenance on a ruptured pipeline that will shut 200,000 bpd of production.
Now oil traders will focus on API report on oil inventories which will be released in the evening (9:40 pm GMT). Market expects a 3.4 mb drop in oil stockpiles.
Today's OPEC+ decision did not have a significant impact on the oil prices. WTI Oil (OIL.WTI) continues to trade around major resistance the $76.60 level. Source: xStation5
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