Oil prices continue to rise ahead of Opec+ meeting
Oil prices rose on Thursday ahead of talks between the Opec+ oil association, building on the previous day's gains. A barrel (159 liters) of Brent crude for January delivery cost USD 83.58 in the morning. This was 48 cents more than the previous day. The price of a barrel of US West Texas Intermediate (WTI) rose by 47 cents to 78.33 dollars.
Oil prices have now risen for the third day in a row, recovering some of their recent losses. Investors on the oil market focused their attention on a video conference of the Opec+ oil association, which was originally scheduled to take place last weekend but was postponed to this Thursday due to differences over future production policy.
The association has been keeping its supply tight for some time, although this is mainly due to production cuts by the oil giant Saudi Arabia. There is speculation on the oil market that existing production cuts will be extended into the coming year.
However, important Opec countries from Africa are largely holding back on cuts. Whether the Saudis will continue to accept this imbalance is increasingly questionable.
The raw materials needed for refining oil are in high demand as the price of Oil continues to soar ahead of the Opec+ meeting. The delivery rate of Oil might be a key discussion point during the association's video conference, as extended production cuts are speculated.
Source: www.dpa.com
