Oil prices rose more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in US crude, gasoline and distillate stockpiles.<\/p>\n\n\n\n
Brent crude futures were up $1.01, or 1.2%, to $82.69 a barrel by 1:34 p.m. ET (1834 GMT). U.S. West Texas Intermediate (WTI) crude futures gained $1.16, or 1.5%, to $77.57 a barrel.<\/p>\n\n\n\n
Prices were lifted by a media report that the OPEC+ group, made up of the Organization of the Petroleum Exporting Countries and allies such as Russia, was considering new oil production cuts of as much as 1 million barrels a day, traders said.<\/p>\n\n\n\n
The OPEC+ policy meeting is scheduled for Thursday and news surrounding its outcome is likely to be the main driver for oil price fluctuations in the near-term.<\/p>\n\n\n\n
Oil benchmarks had gained about 2% on Tuesday as traders anticipated that OPEC+ would extend or deepen supply cuts.<\/p>\n\n\n\n
All eyes are on the November 30 OPEC meeting, and the fine details will matter. The Energy Information Administration reported a surprise build in U.S. crude oil and distillate fuel stocks last week, indicating weak demand. Gasoline stocks also rose by more than expected, the data showed.<\/p>\n\n\n\n
However, the impact of those builds was neutralised by large draws in other refined products, like residual fuel oil, Staunovo said.<\/p>\n\n\n\n
A severe storm in the Black Sea region has disrupted up to 2 million bpd of oil exports from Kazakhstan and Russia, according to state officials and port agent data, raising the prospect of short-term supply tightness.<\/p>\n\n\n\n
Kazakhstan’s largest oilfields are cutting combined daily oil output by 56% from Nov. 27, the Kazakh energy ministry said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in US crude, gasoline and distillate stockpiles. Brent crude futures were up $1.01, or 1.2%, to $82.69 a barrel by 1:34 p.m. ET (1834 GMT). U.S. West Texas …<\/p>\n","protected":false},"author":13,"featured_media":82293,"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":[6975,7004,8463],"class_list":["post-93329","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-crude","tag-opec-2","tag-us-crude-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93329","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\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=93329"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93329\/revisions"}],"predecessor-version":[{"id":93336,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93329\/revisions\/93336"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/82293"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=93329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=93329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=93329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}