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Dec 04, 2024
Oil rises 1% as markets await OPEC+ meeting
Markets await OPEC+ decision on Thursday
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Oil gained more than 1% yesterday, as markets await OPEC+ decision on Thursday. OPEC+ is likely to extend the latest round of oil production cuts until the end of the first quarter of next year. The producer group accounts for about half of the world’s output and plans to phase out the cuts by 2025. Goldman Sachs expects the production cuts to be in place by April. |
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Traders also expect Saudi Arabia, the world’s largest oil exporter, to cut prices for its Asian peers to their lowest in about four years. Oil is also reacting optimistically to the increased likelihood of a 25 basis point interest rate cut in the United States in December. Oil is currently down about 6% since the start of the year.