{"id":453347,"date":"2021-12-02T09:16:17","date_gmt":"2021-12-02T03:46:17","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=453347"},"modified":"2021-12-02T10:05:45","modified_gmt":"2021-12-02T04:35:45","slug":"oil-rallies-as-opec-meets-but-supply-concern-looms","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-rallies-as-opec-meets-but-supply-concern-looms\/","title":{"rendered":"Oil rallies as Opec meets, but supply concern looms"},"content":{"rendered":"<p>Oil prices rallied on Wednesday after recent sharp drops as major producers started to discuss future output against the backdrop of a new coronavirus variant triggering fresh travel restrictions that could dampen oil demand.<\/p>\n<p>Equity markets, which often move in tandem with oil prices, also rebounded as investors bought the previous session&#8217;s dip in the hope the Omicron variant would not derail an economic recovery. <\/p>\n<p>Brent crude futures for February were up $2.08, or 3%, at $71.31 a barrel at 1445 GMT.<\/p>\n<p>U.S. West Texas Intermediate (WTI) crude futures rose $2.06, or 3.1%, to $68.24 a barrel. Both contracts retraced some of their gains after an OPEC+ document showed the group forecasting a bigger oil surplus in the new year than previously thought.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices rallied on Wednesday after recent sharp drops as major producers started to discuss future output against the backdrop of a new coronavirus variant triggering fresh travel restrictions that could dampen oil demand. Equity markets, which often move in tandem with oil prices, also rebounded as investors bought the previous session&#8217;s dip in the hope the Omicron variant would not derail an economic recovery. Brent crude futures for February were up $2.08, or 3%, at $71.31 a barrel at 1445 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $2.06, or 3.1%, to $68.24 a barrel. Both contracts retraced [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-453347","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/453347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=453347"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/453347\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=453347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=453347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=453347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}