Oil futures dip following the OPEC+ decision to hike supply

Yahoo Finance's Ines Ferre breaks down the latest in the oil markets as WTI crude oil January futures settle at $66.26 a barrel.

Video transcript

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KARINA MITCHELL: Welcome back to Yahoo Finance. Well, oil has been on a roller coaster ride this week, and that as President Biden saying earlier today, actions to reduce prices, including a coordinated approach to releasing oil reserves, is working. Meanwhile OPEC Plus saying it will act on short notice if oil demand sinks. Here with how that weighed on the oil close today is Yahoo Finance's Ines Ferre.

INES FERRE: And Karina, WTI January futures closing at $66.26 a barrel. You can take a look at the price action throughout the day here, opening in green territory and then slipping into red territory. Overall, WTI up more than 20% from its last peak after that big sell-off that we also saw last Friday. Analysts had said that the recent sell-off that we've seen in oil has been overdone. Of course, so much of this because of the Omicron variant, concerns over demand going forward.

Brent Crude is going into its sixth straight week of declines. The big takeaway for this week is that OPEC Plus decision to keep output hikes in place but ready to change course if necessary, if the demand wanes as the Omicron variant spreads. Taking a look at next week and where we're going to keep an eye out next week is that big World Petroleum Congress in Houston. It's an energy industry meeting with some bigwigs that will be attending-- energy ministers, OPEC Secretary General. So we may get more details next week on where we're headed of some details of where energy is headed from here.

KARINA MITCHELL: OK. Thank you so much for that report, Ines Ferre.