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12/4, 7:03 AM (Source: TeleTrader)
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Oil rises on possibility of deeper OPEC cuts

Crude futures traded higher on Wednesday ahead of the OPEC+ meeting which kicks off tomorrow in Vienna as investors received signals major producers could agree on deeper production cuts. Iraqi Oil Minister Thamer Ghadhban stated that key members of the cartel are in favor of imposing larger output cuts, but stressed that, even if that option is not agreed, the current cuts of 1.2 million barrels per day are very likely to get extended.

Reports of a larger-than-expected decline in United States oil inventories also contributed to the increase in prices. According to private data from the American Petroleum Institute (API), US crude stockpiles declined by 3.7 million barrels last week. Official figures are scheduled for release later today by the US Energy Information Administration (EIA).

Brent for settlements in February rose 0.85% to sell for $61.33 per barrel at 12:52 am EY and West Texas Intermediate (WTI) for January delivery added 0.78% to go for $56.54 per barrel at the same time.

Breaking the News / NP