11/30/2022, 11:12 AM (Source: TeleTrader)
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Crude oil prices climb over 2% on supply concerns

Crude oil prices climbed over 2% on Wednesday as uncertainty regarding the supply of the commodity roiled the global markets after reports indicated that the United States crude inventories decreased significantly.

The fluctuation of prices in the markets comes as investors brace for the OPEC+ meeting which is scheduled for next week, with the world's largest suppliers of crude oil set to decide on the volume of production. Meanwhile, Moscow reflected on the intra-European Union talks over the ceiling on the price of Russian crude, highlighting the difficulty in reaching a consensus within the Union on the cap's level.

For settlements in January, Brent rose by 2.24% to sell for $84.89 at 4:59 am ET, while West Texas Intermediate (WTI) for the same month's deliveries also gained 2.24%, going to $79.95.

Baha Breaking News (BBN) / AB