Oil prices dip in pre-Thanksgiving trade ahead of OPEC+ cuts
时间:2024-06-26 15:34:16 阅读(143)
Oil prices slipped slightly on Wednesday in quiet pre-U.S. Thanksgiving holiday trading, as the market awaited news on output cuts from the OPEC+ producers group and looked for confirmation of a sharp build-up in U.S. crude stocks.
Brent crude futures fell 52 cents to $81.93 a barrel by 0946 GMT. U.S. West Texas Intermediate crude futures were down 49 cents to $77.28.
Investors remained cautious ahead of Sunday’s scheduled OPEC+ meeting, when the producer group may discuss deepening supply cuts due to slowing global economic growth.
On Monday, both contracts climbed about 2% after three OPEC+ sources told Reuters the group, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, was set to consider more oil supply cuts when it meets on Nov. 26.
“The upcoming meeting has been the key central focus for oil prices for now, with sentiments shrugging off the sharp build in U.S. crude inventories,” said Jun Rong Yeap, a market strategist at IG.
OPEC+ is likely to extend or even deepen oil supply cuts into next year, analysts have predicted.
Even if the OPEC+ nations extend their cuts into next year, the global oil market will see a slight supply surplus in 2024, the head of the International Energy Agency’s (IEA) oil markets and industry division said on Tuesday.
To support prices, OPEC and its allies will need to not only extend, but increase cuts, said John Evans of oil broker PVM in a note on Wednesday.
“A rollover of cuts and voluntary cuts will send the market south, for the current level of supply clamp is not enough to persuade the market that it is ‘tight’,” he said. “Oil is in for some tense and headline-reactive days.”
U.S. crude stocks rose by nearly 9.1 million barrels in the week ended Nov. 17, according to market sources citing American Petroleum Institute figures on Tuesday.
Gasoline inventories dropped by about 1.79 million barrels, while distillate inventories fell by about 3.5 million barrels.
U.S. government data on stockpiles is due on Wednesday.
Thursday is a public holiday in the United States for Thanksgiving.
上一篇:T+1 settlement cycle for all F&O stocks from January- Stock exchanges
下一篇:Year in Review 2023- Major healthcare developments that made headlines this year
猜你喜欢
- Samsung Galaxy Unpacked 2024- How to pre-reserve the Galaxy S24 in India before January 17 launch
- Sundaram Home Finance plans to double SBL branch count in a year
- Street ends flat year with 1,000-point jump
- Stocks, bonds fall as BOJ’s surprise policy shift spooks investors
- Strategy for ‘Getting Wealthy and Staying Wealthy’
- Russian rouble strengthens as cenbank leaves key rate unchanged
- S&P- Output growth to outstrip fall in oil prices for ONGC
- Azad Engineering IPO opens on December 20, at Rs 499-524 per share; Check the key details of public offering
- Auto sector- PV wholesales in line, MHCVs ahead