Oil is on track to snap its losing streak in hopes of further OPEC+ cuts

Singapore, Nov. 28 (BNA): Oil prices rose on Tuesday, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand.

 

Brent crude futures were up 45 cents, or 0.6%, at $80.43 a barrel at 0152 GMT, on track to snap a four-day losing streak. U.S. West Texas Intermediate (WTI) crude futures were trading 43 cents higher, also 0.6%, at $75.28 a barrel after falling for three straight sessions, Reuters reported.

 

OPEC+, which combines the Organisation of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on Nov. 30 to discuss production targets for 2024.

 

 

JA







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