Brent crude futures rose on Friday, recouping some of the previous session’s losses as traders tried to guess whether the OPEC+ alliance would reach an agreement that would lead to further production cuts.<\/p>\n\n\n\n
By 0800 GMT, Brent crude futures rose 19 cents, equivalent to 0.23 percent, to $81.61, after falling 0.7 percent at settlement in the previous session.<\/p>\n\n\n\n
US West Texas Intermediate crude fell 45 cents, or 0.58 percent, to $76.65, compared to Wednesday\u2019s close. There was no settlement for US crude on Thursday because it was a holiday in the United States.<\/p>\n\n\n\n
Both crude oil prices are heading to achieve their first weekly rise in five weeks, supported by expectations that the OPEC+ alliance, led by Saudi Arabia, may reduce supplies to balance the markets until 2024.<\/p>\n\n\n\n
The coalition, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, surprised the market by announcing on Wednesday that it would postpone a ministerial meeting for four days until November 30, after producers had difficulty reaching a consensus on production levels.<\/p>\n\n\n\n
The sudden postponement initially led to a decline in Brent crude futures by up to four percent, and a decline in US crude by up to five percent in trading during Wednesday.<\/p>\n\n\n\n
Trading remained weak due to the Thanksgiving holiday in the United States.<\/p>\n\n\n\n
The near-term outlook for China appeared stronger, which supported market sentiment.<\/p>\n\n\n\n
Chinese stocks rose on Thursday thanks to expectations that the country will direct more stimulus to the faltering real estate sector.<\/p>\n\n\n\n
However, analysts say that these gains may be limited by high crude inventories and weak refining margins in the United States, which leads to a decline in demand for crude oil from American refineries.<\/p>\n\n\n\n
As for China, analysts say oil demand growth may decline to about four percent in the first half of 2024 compared to strong growth levels after the Covid-19 pandemic in 2023, with the country’s real estate sector crisis affecting diesel use.<\/p>\n\n\n\n
Non-OPEC production growth is expected to remain strong, as Brazilian state energy company Petrobras intends to invest $102 billion over the next five years to increase production to 3.2 million barrels per day of oil equivalent by 2028 from 2.8 million barrels per day in 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"
Brent crude futures rose on Friday, recouping some of the previous session’s losses as traders tried to guess whether the OPEC+ alliance would reach an agreement that would lead to further production cuts. By 0800 GMT, Brent crude futures rose 19 cents, equivalent to 0.23 percent, to $81.61, after falling 0.7 percent at settlement in …<\/p>\n","protected":false},"author":9,"featured_media":72876,"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":[7156,6909],"class_list":["post-93109","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-brent","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93109","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=93109"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93109\/revisions"}],"predecessor-version":[{"id":93110,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93109\/revisions\/93110"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/72876"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=93109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=93109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=93109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}