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Oil prices continue rise on possible Opec+ cut extension

Oil

20 Nov 2023 08:02

20 Nov 2023 08:02

(Montel) Oil prices continued their rise on Monday – after gaining 4% on Friday – with the market eyeing the meeting of producer cartel Opec+ on Sunday and a possible extension of voluntary production cuts.

The front-month contract for Brent crude North Sea oil was last seen up USD 0.66 at USD 81.29/bbl, while the WTI equivalent was USD 0.68 higher at USD 76.72/bbl.

“Crude oil rebounded strongly… as market expectations of further support from Opec rose,” said Australia’s ANZ bank, with the cartel due to meet this Sunday to discuss its strategy moving forward.

“A balanced oil market now remains reliant on…

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