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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
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Economy Stocks Bonds Currencies
THE BASICS
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WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
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June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
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grocery-2-aa
Economic Updates
Inflation Update: Prices rise even slower in May 
June 5, 2025 DOWNLOAD
Buildings in the Makati Central Business District
Economic Updates
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May 29, 2025 DOWNLOAD
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Economy 2 MIN READ

Oil rises, Brent tops USD80 ahead of OPEC+ meeting

November 28, 2023By Reuters
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LONDON, Nov 28  – Oil prices rose on Tuesday with the Brent benchmark rising above USD 80 a barrel, supported by expectations that the OPEC+ producer group may deepen and extend output cuts due to concern over softer global demand.

OPEC+, which combines the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on Thursday to discuss production targets for 2024.

Brent crude futures LCOc1 were up 72 cents, or 0.9%, at USD 80.70 a barrel at 0921 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 gained 69 cents, or 0.9%, at USD 75.55.

“Barring any negative surprise, the recent drop in prices will probably be viewed as a buying opportunity, especially if further cuts are agreed,” said Tamas Varga of oil broker PVM, referring to the OPEC+ meeting.

Last week, the market tumbled when OPEC+ – the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia – postponed to Nov. 30 a ministerial meeting to iron out differences on production targets for African producers.

The group has since moved towards a compromise, four OPEC+ sources told Reuters on Friday, potentially helping the group’s de facto leader Saudi Arabia find consensus on the need to deepen output cuts.

“Saudi Arabia may be comforted that U.S. gasoline prices have fallen for 60 straight days. This may soften the U.S. opposition to any move to tighten oil markets and support prices,” ANZ Research said in a note on Tuesday.

Oil also found support from a weak dollar – which makes oil cheaper for holders of other currencies and tends to reflect greater risk appetite among investors – and from expectations U.S. crude inventories declined last week.

Four analysts polled by Reuters estimated on average that the latest round of weekly U.S. supply reports will show crude inventories fell by about 2 million barrels.

The first of this week’s two reports is out at 2130 GMT from the American Petroleum Institute industry group.

(Additional reporting by Sudarshan Varadhan; Editing by Kim Coghill)

This article originally appeared on reuters.com

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