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WTI extends its upside around $77.50 on the hope for OPEC supply cuts
Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $77.50 so far on Tuesday. WTI prices extend their upside amid the expectation that OPEC+ is likely to announce further supply cuts following a meeting early next week. Saudi Arabia, the world's largest oil exporter, is planning to extend oil production cuts by 1 million barrels a day through next year, while OPEC+ considers additional cuts in response to declining prices and rising tensions over the Israel-Hamas conflict. If additional cuts are agreed upon, this could boost WTI prices in the near term. On the other hand, the concern about ... (full story)
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- Posted: Nov 20, 2023 11:50pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 96
