Oil prices rise on geopolitical tensions and the possibility of OPEC+ extending supply cuts, despite weaker demand signals. Brent crude futures and US West Texas Intermediate crude futures both saw gains. Analysts expect a decline in crude oil stocks and an increase in gasoline stocks. The Organization of the Petroleum Exporting Countries and allies are likely to extend output cuts until the end of the first quarter of next year. Geopolitical tensions in the Middle East, including the shaky ceasefire between Israel and Hezbollah and the rebel offensive in Syria, also support oil prices.
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Original article source: https://www.arabnews.com/node/2581746/business-economy
Source Id: 2024-12-565371830