Oil prices were rising after OPEC+ agreed to pause output hikes for the first quarter of next year, easing fears of a growing supply surplus.
Brent crude rose 0.3% to $65 a barrel, while WTI was up 0.4% to $61.21 a barrel. Key members of the group decided to raise production by 137,000 barrels a day for December and then pause increases from January to March.
“This period is normally a period of lower demand, and delegates said the decision to pause from January reflects expectations of a seasonal slowdown,” ANZ analysts said. “We suspect they’re also aware that the market may struggle to take any additional barrels, particularly if disruptions to Russian supply end up being temporary.”
www.barrons.com
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