Oil Prices Climb After OPEC+ Meeting Delay: Oil prices rose on Thursday following OPEC+’s decision to postpone
a virtual meeting originally scheduled for Sunday, December 5.
Reports suggest members discussed delaying plans to ease voluntary production cuts.
Content
Details
Oil prices climbed during Thursday’s trading after OPEC+ announced the postponement of
a virtual meeting initially set for Sunday, December 5.
Reports indicate ongoing discussions among members about deferring plans to ease voluntary production cuts.
Brent crude futures for January delivery rose 0.78% to $73.40 per barrel,
recovering from a previous session low of $72.83. U.S. WTI crude futures for January delivery also gained 0.73%,
reaching $69.22 per barrel, during a trading session
marked by low activity due to the Thanksgiving holiday in the U.S.
The meeting was delayed due to conflicting travel schedules among coalition ministers.
Meanwhile, reports suggested continued talks about postponing the easing of voluntary production cuts.
On another front, mixed data from the U.S.
Energy Information Administration (EIA) influenced oil price gains.
Crude oil inventories fell by 1.8 million barrels last week,
but gasoline stocks rose by 3.3 million barrels, contrary to expectations of a decline.
Additionally, the reduction in geopolitical risk premiums in the oil market
following a ceasefire agreement between Israel and Lebanon’s Hezbollah limited the upward movement in oil prices.
Oil Prices Climb After OPEC+ Meeting Delay