Oil prices experienced a decline on Monday, with Brent oil futures edging closer to $80 per barrel as investors awaited the OPEC+ group meeting scheduled for this week to determine the extent of production cuts in 2024.<\/p>\n\n\n\n
As of 02:31 GMT, Brent crude futures dropped by 37 cents, or 0.5 percent, reaching $80.21 per barrel. Similarly, West Texas Intermediate crude futures fell 36 cents, or 0.5 percent, to $75.18 per barrel.<\/p>\n\n\n\n
The previous week saw a slight increase in both Brent and West Texas Intermediate crude prices, marking the first weekly gains in five weeks. This uptick was supported by expectations that major oil-producing nations such as Saudi Arabia and Russia might extend supply cuts until 2024. Additionally, the possibility of further production cuts being discussed by OPEC+ contributed to the positive sentiment.<\/p>\n\n\n\n
Geopolitical tensions in the Middle East eased after a truce agreement in Gaza and the exchange of Palestinian hostages and prisoners, contributing to a stabilization of oil prices.<\/p>\n\n\n\n
However, market sentiment remains somewhat negative due to the ongoing dispute within OPEC+ over production quotas. The group, including major oil-producing countries like Russia, has postponed its ministerial meeting to November 30 to address differences in production targets for African producers. Despite the challenges, OPEC+ members are reportedly working towards a consensus, as indicated by group sources on Friday. Analysts note that even with Saudi Arabia continuing voluntary production cuts of one million barrels per day until next year, uncertainty in OPEC+ discussions is affecting market sentiment.<\/p>\n\n\n\n
The International Energy Agency anticipates a slight increase in global oil supply in 2024, assuming OPEC+ members continue production cuts until the next year. Investors are advised to monitor developments in the OPEC+ discussions for potential impacts on oil prices.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices experienced a decline on Monday, with Brent oil futures edging closer to $80 per barrel as investors awaited the OPEC+ group meeting scheduled for this week to determine the extent of production cuts in 2024. As of 02:31 GMT, Brent crude futures dropped by 37 cents, or 0.5 percent, reaching $80.21 per barrel. …<\/p>\n","protected":false},"author":9,"featured_media":77220,"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":[],"class_list":["post-93182","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93182","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=93182"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93182\/revisions"}],"predecessor-version":[{"id":93183,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93182\/revisions\/93183"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/77220"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=93182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=93182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=93182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}