INSUBCONTINENT EXCLUSIVE:
The global oil market experienced a significant upturn on Monday, November 4, 2024
Crude oil prices rose for the fourth consecutive day, driven by reports that OPEC+ had decided to postpone its planned production
Brent crude, the international benchmark, saw a notable increase in its most liquid contracts.December futures climbed 2.70% to reach $75.08
per barrel on the Intercontinental Exchange in London
December delivery rose by 2.84%
The price settled at $71.47 per barrel on the New York Mercantile Exchange.This parallel increase underscores the global nature of the oil
(Photo Internet reproduction)The organization stated it would extend its current production cut of 2.2 million barrels per day (bpd) into
This decision came as a surprise to many market observers.OPEC+ Adjusts Production StrategyOPEC+ had originally planned to increase
production by 180,000 bpd in December
However, concerns about weak demand and falling prices led to a reconsideration of this strategy.The group had already postponed a similar
increase scheduled for October
concerns to Reuters last week
saw a slight recovery in October
the overall production gain
The oil market is also keeping a close eye on the upcoming U.S
elections.Recent polls show candidates Kamala Harris and Donald Trump in a tight race
Analysts expect the final result may not be known for several days after voting concludes.Ongoing tensions in the Middle East continue to
The situation remains a key factor in market sentiment and price volatility
Traders are closely monitoring developments in this region for potential impacts on global oil supply.
