Oil Consolidates Gains, OPEC Considers Cutting Output Further

  • International
  • 20 November 2023

Oil futures rose on Monday, extending gains on expectations that the OPEC+ group will cut supplies further to support prices that have been falling for four weeks as fears of Middle East supply disruptions due to the war between Israel and the Palestinian militant group Hamas have receded.

Brent crude futures rose 11 cents, or 0.1 percent, to $80.72 a barrel, while U.S. West Texas Intermediate crude rose eight cents to $75.97. The nearest December contract expires today, while the most active January futures rose 13 cents, or 0.2 percent, to $76.17 a barrel.

Source (Al-Arabiya.net Website, Edited)

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