1126 GMT - Brent crude has been hovering around $75 a barrel since the beginning of the month likely due to pending policy decisions that could shift price direction, according to Commerzbank Research. "Oil prices appear to have been 'frozen' [...] a number of decisions are pending that could drive the oil price in one direction or the other," says Barbara Lambrecht. Future price movements will depend on OPEC+'s output decision, negotiations to end the war in Ukraine, the U.S.'s stance on Iran and President Trump's plan to rebuild strategic reserves, the commodity analyst says. According to Commerzbank, OPEC+ will likely delay its planned oil output increase to ensure the market doesn't risk a significant supply surplus and prevent prices from declining in the course of the year. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
February 21, 2025 06:26 ET (11:26 GMT)
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