Oil Prices Rose After OPEC+ Decision - Economist

Oil prices rose nearly a dollar on Tuesday as tensions escalated after Iran seized a South Korean ship and as OPEC+ considers a possible production cut in February.

- Brent crude for March delivery increased 96 cents to $ 52.05 a barrel by 1206 GMT, while US West Texas Intermediate crude for February delivery was $ 48.53.

A barrel, up by 91 cents.

- The two benchmarks fell more than 1 percent on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC +, failed to agree on adjustments to oil production in February.

- Saudi Arabia opposes pumping more crude due to the new isolation measures, while Russia leads calls to increase production, indicating a recovery in demand.

- An OPEC document dated January 4, seen by Reuters, indicated that the group was considering a reduction of 500,000 barrels per day in February and that the other two scenarios were to keep the level of production unchanged or to increase 500,000 barrels per day.

- Tensions continued due to the seizure of a South Korean ship by OPEC member Iran in Gulf waters, while Iran says Seoul owes it $ 7 billion.