Crude prices rise ahead of OPEC+ meeting
US West Texas Intermediate (WTI) crude futures were up $1.08, or 1.3%, to $81.47 a barrel at 1708 GMT, while the global Brent crude benchmark rose 81 cents, or 1%, to $84.93 a barrel on August 18, 2023. PHOTO: FILE
Oil prices rose more than 1.5% on Tuesday as investors await an OPEC+ meeting expected to rubber stamp continued output cuts while a fragile ceasefire between Israel and Lebanon provided additional support.
Brent crude futures rose $1.16, or 1.6%, to $72.99 a barrel by 1346 GMT while US West Texas Intermediate crude was up $1.16, or 1.7%, at $69.26. OPEC+ is likely to extend its latest round of oil output cuts until the end of the first quarter when it meets on Thursday.
OPEC+ has been looking to perform a gradual unwinding of production cuts through 2025. However, the prospect of an oil market surplus has exerted downward pressure on prices, with Brent trading nearly 6% below its average for December 2023.