Waiting for the OPEC+ organization meeting Crude oil rose and fell, and New Zealand oil hit a new high in more than seven years

In the early morning of Beijing time on the 2nd, crude oil futures rose and fell on Tuesday, and the price of WTI crude oil futures in the United States closed slightly higher. Investors are waiting for a meeting in the major oil-producing countries, which is expected to decide to increase production. The market is also paying attention to the progress of the situation in Russia and Ukraine.

The Organization of the Petroleum Exporting Countries and its Russian-led allies — known as OPEC+ — will meet monthly on Wednesday.

Robie Fraser, global research and analysis manager at Schneider Electric, said: "Although it is widely believed that the group will maintain the status quo and extend the gradual increase in production until March, any comment by the organization about long-term production could trigger significant market volatility. ”

"Similarly, in the coming months, the gap between the actual production levels of Member States and the production targets will be subject to special scrutiny," he said. Eventually, OPEC+ could once again be challenged by individual member states cheating on quotas — a typical major problem that the organization typically encounters and is largely avoided in this round of production cuts. ”

West Texas Intermediate Crude Oil (WTI) futures for March delivery on the New York Mercantile Exchange edged up 1 cent, or less than 0.1 percent, to close at $88.20 a barrel, the highest settlement price for a near-month contract since October 7, 2014.

Brent crude futures for April delivery on EuroPA fell 10 cents, or 0.1 percent, to close at $89.16 a barrel.

This article originated from the financial world