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Oil prices edge up on geopolitical tensions, OPEC+ supply plans

Oil prices edge up on geopolitical tensions and the possibility of OPEC+ extending supply cuts, despite weaker demand signals. Brent crude futures rose 0.2% to $73.78 a barrel, while U.S. West Texas Intermediate crude futures gained 0.2% to $70.08. Geopolitical tensions, including a shaky ceasefire in Israel, South Korea's martial law declaration, and a rebel offensive in Syria, supported oil prices. However, concerns about abundant supply by 2025 and sluggish demand from the U.S. and China are weighing on the market. Additionally, U.S. crude oil inventories rose last week, and gasoline inventory increased by 4.6 million barrels. OPEC+ is expected to extend output cuts until the end of the first quarter next year.

Original article source: https://www.dailymail.co.uk/wires/reuters/article-14155769/Oil-prices-edge-geopolitical-tensions-OPEC-supply-plans.html
Source Id: 8441359632

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