Oil prices nudge higher ahead of OPEC+ meeting
Oil prices climbed nearly 1% on Tuesday, as traders awaited the outcome of an OPEC+ meeting later this week.
Brent crude futures rose 66 cents, or 0.92%, to $72.49 a barrel by 0909 GMT, while U.S. West Texas Intermediate crude climbed 63 cents, or 0.93%, to $68.73.
OPEC+ is likely to extend its latest round of output cuts until the end of the first quarter at its Dec. 5 meeting, according to sources.
OPEC+, which accounts for about half of the world's oil production, has been looking to gradually unwind production cuts through 2025.
However, the prospect of an oil market surplus has exerted downward pressure on prices, with Brent trading nearly 6% below its average for December 2023.
Concerns that the U.S. Federal Reserve may not cut rates at its December meeting have also capped oil prices.
In the Middle East, holes continued to appear in a U.S.-brokered ceasefire between Israel and militant group Hezbollah, with nine people killed in strikes on two southern Lebanese towns shortly after Hezbollah fired missiles on an Israeli military position in the disputed Shebaa Farms area on Monday.
Source: Reuters
