Oil Prices Surge as Attention Turns to OPEC+ Supply Decisions

Forexl – Oil prices rose in the hours leading up to the OPEC+ meeting, as investors await to see what the producer group will decide regarding production cuts while also monitoring tensions in the Middle East.
Brent crude oil futures increased by 6 cents or 0.08%, reaching $72.37 per barrel.
West Texas Intermediate crude also rose by 8 cents, reaching $68.62.
OPEC and its allies in OPEC+ stated that they will meet online today at 1400 GMT to provide additional support to the oil market and mentioned that they would extend recent production cuts for at least three months starting from January. OPEC+ aims to gradually reduce production cuts throughout the next year.
Commodity analyst Satoru Yoshida from Rakuten Securities commented, "Market participants are closely watching whether OPEC+ will focus on supporting prices by extending production cuts or prefer to ease those cuts to maintain its share in the global crude oil market. The decision from OPEC+ may cause a short-term reaction, but due to expectations that the U.S. economy will recover under the Trump administration and ongoing tensions in the Middle East, an increase in the oil market by year-end is likely."