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WTICOUSD (USOIL) Rejection at KL/INV HS

The most anticipated event of the week, a decision by OPEC+ on whether or not to cease its monthly 400,000 b/d oil production rise, turned out to be a bit of a non-event, with the nations agreeing to remain with the previous plan but retaining the flexibility to reverse that decision if required. While oil prices initially fell as a result of the revelation, later disclosures about the caveats involved allayed market concerns about OPEC+ ignoring Omicron dangers. First, OPEC+ promised to reassemble soon if market circumstances changed. Second, nations that have already overproduced their quotas will have their future production objectives limited in order to balance their yearly statistics. These limitations helped fuel the rise in oil prices towards the conclusion of the week.