© Reuters.
Investing.com– Oil prices rose in Asian trade on Wednesday, extending gains from the prior session as traders bet on more production cuts being announced at an OPEC+ meeting this week.
A weaker , following less hawkish comments from Federal Reserve officials, also aided oil markets, as did supply disruptions in Russian and Kazakh oil exports due to a storm in the Black Sea.
The storm disrupted exports by up to 2 million barrels per day, and also saw Kazakhstan’s three biggest oil fields cut output by 56%.
The disruptions came just days before a of the Organization of Petroleum Exporting Countries and allies (OPEC+), where the cartel is widely expected to extend or even deepen its ongoing supply curbs. Any more production cuts are expected to further tighten oil markets going into 2024.
expiring January rose 0.3% to $81.90 a barrel, while rose 0.4% to $76.70 a barrel by 20:38 ET (01:38 GMT).
But further gains in crude were held back by anticipation of more key economic readings this week, particularly from the U.S. and China. data- the Fed’s preferred inflation gauge- is due later in the week, as is data from China, the world’s biggest…
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