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Oil extends gains after OPEC+ takes flexible stance on supply

Oil extended gains in Asian trading after the OPEC+ alliance decided to keep restoring supply, but also said it could revisit the decision at any moment due to high levels of uncertainty in the market.

Photo: Eric Gay/AP/Ritzau Scanpix

West Texas Intermediate crude climbed above USD 67 a barrel after closing higher on Thursday following the decision by OPEC+ to keep restoring supply. The cartel agreed to add 400,000 barrels a day of crude to global markets in January in a move that should please major-consuming nations, especially the US.

However, it also left the door open to changing the plan at short notice. That's an unusual step that underscores the difficulty in assessing the supply-demand balance over the short term due to the omicron virus variant and the White House-led release of national reserves.

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