Oil Prices Hover Within a Narrow Range Ahead of OPEC+ Meeting

Forex - Oil prices are trading within a narrow range ahead of this week's OPEC+ meeting. Brent crude oil futures rose by 0.19% to $71.97 per barrel. U.S. West Texas Intermediate (WTI) crude increased by 0.12% to $68.18. Analysts report that investors are in a "wait-and-see" mode ahead of the OPEC+ meeting. Sources from the producer group indicated that they will extend the recent production cuts until the end of the first quarter during the meeting on December 5. OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia, aims to end production cuts by the first quarter of 2025. The group accounts for about half of the world's oil production. Concerns that the U.S. Federal Reserve may not lower interest rates at its December meeting have also capped oil prices. However, positive signals from China, where the Purchasing Managers' Index (PMI) reached a seven-month high in November, balanced these concerns. Oil prices fell by more than 3% last week for both Brent and U.S. WTI.