Key Points
climbed more than 2% on Monday as further supply cuts in OPEC+ production are expected to be announced following a meeting of member countries early next week...
Both benchmarks have plunged for four straight weeks, but started to rebound on Friday, settling 4% higher on profit-taking and after three OPEC+ sources told Reuters that the producer group, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, is set to consider whether to make additional supply cuts when it meets on November 26...
Goldman Sachs said that based on its statistical model of OPEC decisions, deeper cuts should not be ruled out given the fall in speculative positioning and in timespreads, and higher-than-expected inventories...
Oil prices have dropped almost 20% since late September as crude output in the US, the world's top producer, held at record highs, while the market was concerned about demand growth, especially from China, the No 1 importer of oil...
But most of all, traders were waiting for the OPEC+ meeting set for Sunday.. Andrew Lipow, president of Lipow Oil Associates, said members will be focused on supply and demand and not using crude as a weapon against the US, which is supporting Israel in its seven-week-old war against Hamas...
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