Oil News by Leadership.ne on FRiday, January 14, 2022:
Source: leadership.ng OPEC Working Not To Overheat Oil Market, As Prices Edge Lower Chika Izuora 3 minutes The Organization of Petroleum Exporting Countries [OPEC] and its allies are trying to prevent crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from “overheating,” Oman’s oil minister said. Oil prices edged lower on Thursday as investors took profits after two days of gains amid fears of aggressive U.S. interest rate hikes, but the losses were cushioned by expectations that a strong economic recovery will boost demand. U.S. West Texas Intermediate (WTI) crude futures were down 29 cents, or 0.4 per cent, to $82.35 a barrel by 1:43 p.m. ET (1843 GMT), after rising 5.6 per cent over the last 2 days. Brent crude futures fell 2 cents, or 0.5 per cent, to $84.65 a barrel. It had gained 4.7