INSUBCONTINENT EXCLUSIVE:
The oil market saw a slight uptick on Thursday, breaking a three-day losing streak
This shift came as the Organization of Petroleum Exporting Countries and allies (OPEC+) postponed their upcoming meeting.The ceasefire
between Israel and Hezbollah remained a focal point for traders
Brent crude, the global oil benchmark, closed at $72.78 per barrel.This represented a 0.66% increase for February 2025 contracts on the
Intercontinental Exchange in London
West Texas Intermediate (WTI) crude for January delivery rose 0.25% to $68.89 per barrel.The OPEC+ meeting, initially scheduled for Sunday,
December 1, has been moved to Thursday, December 5
The group has been gradually unwinding production cuts implemented during the pandemic.Oil Prices Edge Up as OPEC+ Meeting Postponed
(Photo Internet reproduction)However, slowing global demand and increased non-OPEC production have complicated this process
These factors have put downward pressure on oil prices in recent months.OPEC+ and Geopolitical TensionsEarlier this month, OPEC+ postponed
planned production increases due to demand concerns
Market observers expect the group to maintain its cautious stance at the upcoming meeting.The organization faces the challenge of balancing
market share with price stability
Geopolitical tensions continue to influence oil markets
The ceasefire between Israel and Hezbollah faced new challenges.The Lebanese extremist group reported Israeli attacks in southern Lebanon,
alleging a violation of the truce
United States markets were closed for Thanksgiving, limiting trading activity.This holiday lull may have contributed to the modest price
events highlights the complex interplay of supply, demand, and geopolitical factors
As OPEC+ prepares for its rescheduled meeting, market participants will closely monitor any signals about future production plans.
