{"id":15912,"date":"2024-11-29T06:14:02","date_gmt":"2024-11-29T06:14:02","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15912"},"modified":"2024-11-29T06:14:02","modified_gmt":"2024-11-29T06:14:02","slug":"oil-prices-edge-up-on-opec-uncertainty","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/oil-prices-edge-up-on-opec-uncertainty\/","title":{"rendered":"Oil Prices Edge Up on OPEC+ Uncertainty"},"content":{"rendered":"\n<p><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Oil prices saw slight gains on Friday, with Brent and WTI crude ticking upwards due to concerns over geopolitical tensions.<\/li>\n\n\n\n<li>A delay in the OPEC+ meeting to Dec. 5 adds to the market&#8217;s uncertainty, with analysts predicting a further extension of production cuts.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p><strong>Brent crude futures<\/strong> rose 10 cents, or 0.1%, to $73.42 a barrel by 0516 GMT, while <strong>U.S. West Texas Intermediate (WTI) crude futures<\/strong> gained 45 cents, or 0.7%, to $69.13 per barrel, compared to the previous session&#8217;s closing price.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/11\/image-46-1024x442.jpeg\" alt=\"\" class=\"wp-image-15913\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: Brent and WTI prices show a slight recovery on Friday, but still post weekly losses, as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\" title=\"\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p>Despite the modest uptick in prices, both benchmarks recorded weekly losses, with Brent futures down 2.4% and WTI trading 2.9% lower for the week. Trading volumes remained light due to the Thanksgiving holiday in the United States, which kept U.S. financial markets closed on Thursday.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Ceasefire Tensions and Supply Risk<\/h2>\n\n\n\n<p>The oil market remained on edge after Israel and Hezbollah exchanged accusations of ceasefire violations on Thursday, following the agreement that had been brokered earlier in the week.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Israel says its ceasefire with Hezbollah was violated and responded by firing on southern Lebanon, Mexico warns that Donald Trump&#39;s proposed tariffs could kill 400,000 US jobs, and more. 5\ufe0f\u20e3 stories you need to know <a href=\"https:\/\/t.co\/tfsBwpEn5J\">pic.twitter.com\/tfsBwpEn5J<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1862129316315676870?ref_src=twsrc%5Etfw\">November 28, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The ceasefire deal had initially eased concerns over potential supply disruptions from a broader conflict in the region, which had previously added a risk premium to oil prices.<\/p>\n\n\n\n<p><strong>See also: <a href=\"https:\/\/www.vtmarkets.com\/analysis\/oil-steadies-with-ceasefire-and-opec-meeting\/\">Oil Steadies with Ceasefire and OPEC+ Meeting<\/a><\/strong><\/p>\n\n\n\n<p>However, oil supplies from the Middle East have been largely unaffected so far, despite the ongoing military engagements between Israel and Lebanon\u2019s Hezbollah, and between Israel and Hamas in Gaza.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">OPEC+ Meeting Delay<\/h2>\n\n\n\n<p>Further support for oil prices came from <a href=\"https:\/\/t.co\/u8EV7wPtx8\"><strong>OPEC+ news<\/strong><\/a>. The group, which includes major oil producers such as Saudi Arabia and Russia, announced a delay in its next policy meeting, pushing the meeting date from December 1 to December 5.<\/p>\n\n\n\n<p>This delay has given investors more time to digest the potential outcomes of the meeting, where OPEC+ is expected to extend its existing production cuts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Black Sea Tensions<\/h2>\n\n\n\n<p>Russia&#8217;s military activity in Ukraine remained a concern, with reports of <a href=\"https:\/\/t.co\/ABHZYa6ldl\"><strong>airstrikes on Ukrainian energy<\/strong><\/a> infrastructure. Analysts noted that such attacks could provoke retaliation, which might have an impact on Russian oil supply.<\/p>\n\n\n\n<p>Meanwhile, Iran made headlines after announcing plans to install over 6,000 additional uranium-enriching centrifuges at its nuclear facilities, which could lead to further tension with Western powers.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Exclusive: Iran has informed the UN nuclear watchdog that it plans to install more than 6,000 extra uranium-enriching centrifuges at its enrichment plants and bring more of those already in place online, a confidential report by the watchdog said <a href=\"https:\/\/t.co\/Xf0fRbwtBq\">https:\/\/t.co\/Xf0fRbwtBq<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1862337154053009632?ref_src=twsrc%5Etfw\">November 29, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Goldman Sachs analysts have indicated that if sanctions on Iranian oil tighten, supply could decrease by up to 1 million barrels per day in the first half of 2025.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">Create your live VT Markets account<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/myaccount.vtmarkets.com\/login\">start trading<\/a>&nbsp;now.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices rise as Israel-Hezbollah tensions spark supply concerns, with investors awaiting OPEC+ decision on production cuts. &#8211; vtmarkets.com <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[44,34],"class_list":["post-15912","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-commodities","tag-oil"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15912"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15912\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}