“Oil prices rose on Friday, November 29, following a potential resumption of supply risks due to allegations of ceasefire violations between Israel and Hezbollah, as well as a delay in the OPEC+ meeting.”, — write: epravda.com.ua
Oil prices rose on Friday, November 29, following a potential resumption of supply risks due to allegations of ceasefire violations between Israel and Hezbollah, as well as a delay in the OPEC+ meeting. This is reported by Reuters. Brent crude was up 10 cents, or 0.1%, at $73.38 a barrel. U.S. West Texas Intermediate crude futures settled at $69.17, up 45 cents, or 0.7%, from Wednesday’s close. Weekly Brent futures fell 2.4%, while the US benchmark WTI fell 2.9%. Trading remained weak due to Thursday’s Thanksgiving holiday, which closed U.S. financial markets.Advertisement: Israel and the Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of a ceasefire that took effect the day before. At first, the deal appeared to reduce the likelihood of supply disruptions due to the wider conflict, which has led to a risk premium for oil.Advertisement: However, oil supplies from the Middle East have been largely unaffected by Israel’s parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza. OPEC+ has pushed back its next meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to continue cutting production at the meeting. Iran has told the UN nuclear watchdog that it will install more than 6,000 additional centrifuges to enrich uranium at its enrichment facilities, the watchdog said in a confidential report on Thursday. Goldman Sachs analysts said supplies from Iran could fall by 1 million barrels per day in the first half of next year if Western powers tighten sanctions on crude oil production. Recall: Oil prices fell on November 28 after a surprise jump in US gasoline inventories, while investors focused on the OPEC+ meeting this weekend to discuss oil production policy.
