Benchmark oil prices are moderately rising on Tuesday morning after declining a day earlier.
The price of January futures for Brent on the London ICE Futures exchange at 9:55 a.m. is $80.08 per barrel, which is 10 cents higher than at the close of the previous session. On Monday, these contracts fell by 60 cents (0.7%) to $79.98 per barrel.
Quotes for January futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) by this time increased by 8 cents to $74.94 per barrel. At the end of the previous session, they fell by 68 cents (0.9%) to $74.86 per barrel.
Market participants remain focused on the meeting of OPEC+ ministers to be held on November 30, which was postponed from November 26, according to media reports, due to disagreements within the group.
The OPEC+ meeting will be the most important event this week “not only because any decision will have direct implications for prices and inflation, but also because the meeting has already been postponed for four days,” said Craig Earlam, senior analyst at OANDA.
Phil Flynn, senior analyst at Price Futures Group, warned that Angola and Nigeria’s desire to produce more oil, which was reported in the press, could irritate Saudi Arabia, and the country would refuse to voluntarily cut production, “flooding the global oil market.”
Market participants see a 68% probability that OPEC will not change its production target at the next meeting, and a 25% chance that it will be increased, according to the CME Group’s OPEC Watch Tool.
