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11/30/2023, 11:01 AM (Source: TeleTrader)
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Oil prices climb 1% ahead of OPEC+ meeting

Crude oil prices for future contracts rose on Thursday as investors awaited the meeting of the Organization of Petroleum Exporting Countries and its allies, commonly referred to as OPEC+, which is slated to take place online later today.

Increased geopolitical tensions in the Middle East seemed to drive prices higher in anticipation of the oil cartel's meeting, as market participants worried about a potential spillover of the conflict throughout the entire oil-rich region which could affect Arab nations' oil production quotas in the coming year.

For January settlements, West Texas Intermediate (WTI) grew 1% to sell at $78.70 a barrel at 4:45 am ET. Brent for the same month's deliveries went up by 0.95% to trade at $83.89 per barrel at the same time.

Baha Breaking News (BBN) / AB