11/20/2023, 1:35 PM (Source: TeleTrader)
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Oil jumps over 1.5% as supply woes continue

The prices of oil futures gained ground on Monday as worries on the supply side continued to linger, with all eyes on the OPEC+ meeting, scheduled for November 26.

Investors are seemingly fretting that the alliance could potentially decide to further slash crude output. President of the Petroleum Association of Japan (PAJ) Shunichi Kito said earlier today at a press conference that although it is still uncertain whether "deeper cuts" will be implemented, he believes "the current production curbs will probably continue" beyond December 2023.

West Texas Intermediate (WTI) for deliveries in January 2024 surged 1.75% at 7:24 am ET and went for $77.36 per barrel. A minute later, Brent for the same month's settlements jumped 1.65% to sell for $81.94 per barrel.

Baha Breaking News (BBN) / AY