New York, Dec 1 (PTI) Texas Intermediate oil (WTI) price rose 0.8% to $81.22 a barrel this Thursday, chasing three straight days of gains, after it hit $73.60 a barrel last Monday, Dec. Its lowest price since 2021.
At the end of trading on the New York Mercantile Exchange (Nymex), the WTI futures contract for January delivery added 67 cents from the previous day’s close.
Some Chinese cities such as Beijing, Canton (south-east), or Chengdu (centre) after several days of protests and the fact that Vice eased some of their restrictions against the Covid-19 outbreak, pushed US benchmark oil down today. is also being encouraged. Premier Sun Chunlan declared that China was in a “new state”.
Investors are also eyeing the meeting of oil producing countries and their OPEC+ partners on 4 December.
According to sources cited by exclusive website Marketwatch, the meeting will be held virtually rather than in person, which for some analysts means it will be difficult for the cartel to change its production policy.
Several reports surfaced several days ago that members of the Saudi Arabia and Russia-led cartel were studying the possibility of reducing production in order to raise prices. A possibility that many analysts are ruling out now, but won’t get a glimpse of until later this week.
“At the beginning of the week, multiple sources indicated that the (OPEC+) group would pursue another production cut with risks to falling markets and demand. However, sentiment seems to have changed,” StoneX Group said. According to Marketwatch.
On the other hand, the January natural gas futures contract fell 19 cents to $6.73 and January gasoline futures fell 4 cents to $2.34 a gallon.