Oil is above US$80 per barrel in anticipation of the meeting that will be held this Thursday between members of OPEC+.
The crude oil prices they rise this Tuesday and Brent is trading above US$80 per barrelsupported by expectations that the OPEC+ producer group will deepen and expand the Production cuts on concerns about weakening global demand.
The members of that organization that brings together the Organization of Petroleum Exporting Countries (OPEC) and allies like Russiawill hold a virtual ministerial meeting on Thursday to discuss production targets for 2024.
Given this expectation, the Brent futures gain 91 cents, or 1.18% to $80.92 a barrel and West Texas Intermediate futures in the United States (WTI) rise 97 cents (+1.27%), $75.81 a barrel .
“Barring a negative surprise, the recent drop in prices will probably be considered a buying opportunity, especially if new cuts are agreed upon,” said Tamas Varga of oil broker PVM, referring to the OPEC+ meeting.
What was happening
Last week, the market collapsed when OPEC+ postponed a ministerial meeting to November 30 to iron out differences over African producers’ pumping targets.
The group has since moved toward a compromise, several OPEC+ sources told Reuters, which could help the group’s de facto leader, Saudi Arabia, to reach a consensus on the need to deepen production cuts.
Oil also found support in the weakness of the dollar – which lowers the price of a barrel for holders of other currencies and tends to reflect a greater appetite for risk among investors – and in expectations that inventories in the United States would decrease. last week.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
