Oil prices rose in early trading on Thursday, compensating for part of the large losses incurred in the previous session after the OPEC+ Joint Ministerial Monitoring Committee maintained oil production cuts, meaning a continued supply shortage amid fears of an imminent decline in global economic growth.<\/p>\n\n\n\n
Brent crude futures rose 11 cents to $85.92, while US West Texas Intermediate crude rose seven cents to $84.29 by 0040 GMT.<\/p>\n\n\n\n
Oil prices tumbled more than five dollars at settlement on Wednesday amid focus on a bleaker macroeconomic outlook and declining demand for fuel, following a meeting of the OPEC+ coalition committee that includes the Organization of the Petroleum Exporting Countries (OPEC) and other allies led by Russia.<\/p>\n\n\n\n
The committee did not approve any changes to the coalition\u2019s oil production policy, and Saudi Arabia said it would continue a voluntary reduction of one million barrels per day until the end of 2023, while Russia would maintain a voluntary reduction in exports of 300,000 barrels per day until the end of December.<\/p>\n\n\n\n
\u201cWe still expect the market to experience shortages in the fourth quarter, and lower prices reduce the likelihood of OPEC easing supply restrictions,\u201d National Australia Bank analysts said in a note.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose in early trading on Thursday, compensating for part of the large losses incurred in the previous session after the OPEC+ Joint Ministerial Monitoring Committee maintained oil production cuts, meaning a continued supply shortage amid fears of an imminent decline in global economic growth. Brent crude futures rose 11 cents to $85.92, while …<\/p>\n","protected":false},"author":9,"featured_media":81795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846,6936,7587],"class_list":["post-90477","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil","tag-oil-prices","tag-us-stocks"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/90477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=90477"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/90477\/revisions"}],"predecessor-version":[{"id":90478,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/90477\/revisions\/90478"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/81795"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=90477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=90477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=90477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}