Saudi Arabia's decision a month ago to extend its crude production cut to the end of the year wasn't enough to lift oil prices past the psychologically...
Saudi Arabia’s decision a month ago to extend its crude-production cut to the end of the year hasn’t yet lifted oil prices past the psychologically important $100-a-barrel level, but it did contribute to the largest quarterly price percentage gain in over a year.
Global benchmark Brent crude on ICE futures Europe saw its December contract BRNZ23, +0.18% BRN00, +0.18% ended Tuesday at $90.92, up 21 cents, or 0.2%. Front-month prices settled at $96.55 on Sept. 27, the highest since Nov. 7. Over the course of the last week, there has been a “healthy bout of profit-taking,” said Richey, as markets digest a “shifting fundamental backdrop characterized by fixed-income market pricing in a ‘higher for longer’ [interest] rate outlook and a more likely soft landing economic scenario.”OPEC+ “costs” and challenges The recent jump in oil prices over $90 a barrel has “not come without costs” for OPEC+, said Burkhard.
The challenges OPEC+ faces in terms of supporting the oil market is shaped by two variables: world oil demand growth and the change in oil production outside of OPEC+, he said. Committee meeting On Wednesday, OPEC+ will hold a meeting of the Joint Ministerial Monitoring Committee and traders will look to that meeting for potential signs of the next move for major oil producers.
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