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The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

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Commodities

2 Feb 2022

Oil rises near Seven-year high as OPEC+ sticks to its Planned Output

The Index Today

Oil prices increased on Wednesday, heading near a previous seven-year high, after OPEC+ decided to stick to its planned output increase despite pressure from top consumers to raise production more quickly.

A source told Reuters that OPEC+ agreed to increase oil production by 400,000 bpd from March after a short meeting.

Brent crude was up $1.16 cents, or 1.3%, at $90.32 a barrel by 1303 GMT.

U.S. West Texas Intermediate crude rose $1.28 to $89.48 a barrel.
Tight oil supplies and geopolitical tensions in Eastern Europe and the Middle East have boosted oil prices by about 15% this year. On Friday crude benchmarks hit their highest since October 2014, with Brent touching $91.70 and U.S. crude hitting $88.84.

©Photo: nytimes

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