Oil prices up on weaker US dollar, OPEC+ expectations
ALBAWABA – Oil prices rose on Tuesday, bolstered by a weaker US dollar and expectations that OPEC+ will cut supply to meet lower demand.
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ALBAWABA – Oil prices rose on Tuesday, bolstered by a weaker US dollar and expectations that OPEC+ will cut supply to meet lower demand.
OPEC+, which combines the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on Thursday to discuss production targets for 2024.
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Brent Crude Oil Updates: Brent crude futures edged up 12 cents, or 0.2%, to USD 80.70 a barrel by 0028 GMT, while U.S. West Texas Intermediate crude futures were at USD 75.64 a barrel, up 10 cents, or 0.1%.
Prices tumbled in the middle of last week after the Organization of the Petroleum Exporting Countries and their allies including Russia, known as OPEC+, postponed a ministerial meeting to Nov. 30 to iron out differences on production targets for African producers.