Monday, November 28, 2022
HomeBusinessOil jumps more than 3% as OPEC+ mulls cuts of up to...

Oil jumps more than 3% as OPEC+ mulls cuts of up to 1 million bpd By Reuters

Date:

Related stories

Snowy Kyiv grapples with power outages amid fears of new attacks

Snow fell in Kyiv and temperatures hovered around...

Examples of digital tools in education

There are so many digital education tools out there...


© Reuters.

By Florence Tan

SINGAPORE (Reuters) – Oil prices jumped more than 3% in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market.

futures rebounded $2.82, or 3.3%, to $87.96 a barrel by 2337 GMT after settling down 0.6% on Friday. U.S. West Texas Intermediate crude was at $82.09 a barrel, up $2.60, or 3.3%, following a 2.1% loss in the previous session.

Oil prices have tumbled for four straight months since June as COVID-19 lockdowns in top energy consumer China hurt demand while rising interest rates and a surging U.S. dollar weighed on global financial markets.

To support prices, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, are considering an output cut of 0.5 million to 1 million bpd ahead of Wednesday’s meeting, OPEC+ sources told Reuters.

This will be the group’s second consecutive monthly cut after it reduced output by 100,000 bpd last month.

“Anything less than 500kb/d would be shrugged off by the market. Therefore, we see a significant chance of a cut as large as 1mb/d,” ANZ analysts said in a note.



Source link

Bellie Brown
Bellie Brownhttps://businesstimes.org
Hi my lovely readers, I am Bellie brown editor and writer of Businesstimes.org. I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting Cleartips.net

Latest stories