Global crude oil prices rise due to geopolitical tensions and OPEC+ meeting

“World crude oil prices” increase due to geopolitical tensions and the OPEC+ meeting expected to extend production cuts

On December 4, 2567, Reuters news agency reported that The world crude oil price increased on December 4, 67. As markets weigh geopolitical tensions and the possibility of OPEC+ extending production cuts amid weak demand.

Brent crude futures rose 16 cents, or 0.2%, to $73.78 a barrel by 04.40:14 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 0.2 cents, or 70.08%, to $XNUMX.

Priyanka Sachdeva, Senior Market Analyst at Phillip Nova It said the faltering ceasefire between Israel and Hezbollah, South Korea's declaration of martial law and rebel attacks in Syria that threaten to draw forces from several oil-producing countries have all supported oil prices.

However, the oil market is likely to see a decline in crude prices in 2568, with excess production capacity, amid signs of weak demand from the United States and China, the world's two leading economies.

“Weaker demand signals from China raise concerns about demand in the oil market. The world’s largest crude importer may struggle to maintain a significant share of global demand by 2568.”

Meanwhile, market sources said U.S. crude oil supplies rose by 1.2 million barrels last week, citing data from the American Petroleum Institute. Gasoline inventories also rose by 4.6 million barrels. Even though it was Thanksgiving week, which typically sees higher demand for gasoline as families travel by car to attend holiday gatherings,

Industry sources told Reuters that OPEC+, which supports oil prices, is likely to extend production cuts until the end of the first quarter of next year. As members meet on Thursday, OPEC+ is looking to gradually roll back production cuts into next year.

refer : reuters.com

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