Oil prices remained unchanged on Wednesday, with traders expecting OPEC+ to extend supply cuts. The Organization of the Petroleum Exporting Countries and its allies are likely to announce an extension of 2.2 million barrels per day production cut into the first quarter of 2025.
The US Energy Information Administration’s oil stocks data is due on Wednesday, with analysts expecting crude stocks to decline by 700,000 barrels. However, gasoline stocks are expected to rise, indicating market sensitivity may be waning.
Brent crude futures rose 5 cents to $73.67 a barrel, while US West Texas Intermediate crude futures fell 4 cents to $69.90. Geopolitical tensions, including a shaky ceasefire in the Middle East and South Korea’s curtailed declaration of martial law, have supported oil prices.
OPEC+ has been looking to phase out supply cuts through next year. “Neither geopolitics and OPEC+ action nor sanguine financial data will alter the underlying fundamental outlook,” said PVM oil analyst Tamas Varga.
Source: https://finance.yahoo.com/news/oil-steady-markets-weigh-higher-015333410.html