Breaking News: The oil scores first weekly gain 5 weeks ahead of the OPEC+ Police decision. The oil contracts have their first weekly gain in the first 5 weeks as OPEC+ is currently preparing for the meeting which will have the output cuts high on the agenda. The prices of oil have officially declined in the last session and it has happened after the increase of some of the few hostages in Gaza reduced the geopolitical risk premium but some more things have to be focused on. So to know about them, just read this article till the last.
According to the official report, the prices of oil have declined in the last session. The prices have dropped after the release of some hostages in Gaza which has reduced the geopolitical risk premium. Still, on the other hand, the prices of oil have notched their first week of gains more than a month ahead of the upcoming week’s output policy decision which is made by the Organisation of Petroleum Exporting Countries and its allies, in short, it is known as OPEC+. The future of Brent crude has officially settled down to 84 cents.
The Brent crude futures have been settling down by 84 cents at $80.58 a barrel whereas on the other side, the United States West Texas Intermediate crude has fallen to 2%, since Wednesday close to $75.54. It has been reported that both of the contracts had their first week gain in five weeks as the OPEC+ is preparing for the meeting which is going to have the outputs that are going to cut high in the agenda. And it is going to happen after the oil prices drop which has happened recently on the demand and higher supply which is from the non-OPEC producers.
On 25th November 2023, Friday, the first group of hostages was released from captivity in Gaza and officially returned to Israel. This happened on the first day of the planned truce at the time of the further exchanges of the hostages for the Palestinians who have been detained to take their place. According to the source, the non-OPEC production growth is going to continue to remain strong with the Brazilian state energy company, Petrobras now planning to invest a total of $102 billion in the next five years to go to $3.2 million barrels of oil equivalent every single day by the year 2028. Keep following techballad to know more.