{"id":88111,"date":"2023-11-23T21:53:38","date_gmt":"2023-11-24T02:53:38","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/brent-climbs-ahead-of-opec-oil-production-decision\/"},"modified":"2023-11-23T21:53:39","modified_gmt":"2023-11-24T02:53:39","slug":"brent-climbs-ahead-of-opec-oil-production-decision","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=88111","title":{"rendered":"Brent climbs ahead of OPEC+ oil production decision"},"content":{"rendered":"
\n

By Colleen Howe<\/p>\n

BEIJING (Reuters) – futures rose in early Asian trade on Friday, reversing losses in the previous session as traders speculated on whether OPEC+ would come to an agreement on further production cuts.<\/p>\n

Brent crude futures gained 29 cents, or 0.4%, to $81.71 at 0213 GMT, after settling down 0.7% in the previous session.<\/p>\n

U.S. West Texas Intermediate crude slid 38 cents, or 0.5%, to $76.72, from its Wednesday close. There was no settlement for WTI on Thursday as it was a U.S. public holiday.<\/p>\n

Both contracts are on track to mark their first weekly rise in five, supported by expectations that OPEC+, led by Saudi Arabia, could reduce supply to balance the markets into 2024.<\/p>\n

The Organization of Petroleum Exporting Countries and allies, together known as OPEC+, surprised the market with an announcement on Wednesday that it would postpone a ministerial meeting by four days to Nov. 30, after producers struggled to come to a consensus on production levels.<\/p>\n

“The most likely outcome now appears to be an extension of existing cuts,” Tony Sycamore, a Sydney-based market analyst at IG, wrote in a note.<\/p>\n

The surprise delay had initially brought Brent futures down by as much as 4% and WTI by as much as 5% in Wednesday’s intraday trading.<\/p>\n

Trading remained subdued because of the Thanksgiving holiday in the U.S.<\/p>\n

On the demand side, poor refining margins have led to weaker crude demand from refineries in the U.S., analysts said.<\/p>\n

“Fundamentals developments have been bearish with rising U.S. oil inventories,” ANZ analysts said in a note.<\/p>\n

In China, analysts say oil demand growth could weaken to around 4% in the first half of 2024 from strong post-COVID growth levels in 2023, as the country’s property sector crunch weighs on diesel use.<\/p>\n

Non-OPEC production growth is set to stay strong with Brazilian state energy firm Petrobras planning to invest $102 billion over the next five years to boost output to 3.2 million barrels of oil equivalent per day (boepd) by 2028 from 2.8 million boepd in 2024. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Colleen Howe BEIJING (Reuters) – futures rose in early Asian trade on Friday, reversing losses in the previous session as traders speculated on whether OPEC+ would come to an agreement on further production cuts. Brent crude futures gained 29 cents, or 0.4%, to $81.71 at 0213 GMT, after settling down 0.7% in the previous […]<\/p>\n","protected":false},"author":1,"featured_media":63818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-88111","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBrent climbs ahead of OPEC+ oil production decision | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Colleen Howe BEIJING (Reuters) - futures rose in early Asian trade on Friday, reversing losses in the previous session as traders speculated on whether\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=88111\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent climbs ahead of OPEC+ oil production decision | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"By Colleen Howe BEIJING (Reuters) - futures rose in early Asian trade on Friday, reversing losses in the previous session as traders speculated on whether\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=88111\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-24T02:53:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-24T02:53:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/oil_2_800x533_L_1412692774.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=88111#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=88111\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Brent climbs ahead of OPEC+ oil production decision\",\"datePublished\":\"2023-11-24T02:53:38+00:00\",\"dateModified\":\"2023-11-24T02:53:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=88111\"},\"wordCount\":339,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=88111#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=88111\",\"url\":\"https:\/\/ifintechworld.com\/?p=88111\",\"name\":\"Brent climbs ahead of OPEC+ oil production decision | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-11-24T02:53:38+00:00\",\"dateModified\":\"2023-11-24T02:53:39+00:00\",\"description\":\"By Colleen Howe BEIJING (Reuters) - futures rose in early Asian trade on Friday, reversing losses in the previous session as traders speculated on whether\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=88111#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=88111\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=88111#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Brent climbs ahead of OPEC+ oil production decision\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Brent climbs ahead of OPEC+ oil production decision | iFintechWorld","description":"By Colleen Howe BEIJING (Reuters) - futures rose in early Asian trade on Friday, reversing losses in the previous session as traders speculated on whether","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=88111","og_locale":"en_US","og_type":"article","og_title":"Brent climbs ahead of OPEC+ oil production decision | iFintechWorld","og_description":"By Colleen Howe BEIJING (Reuters) - futures rose in early Asian trade on Friday, reversing losses in the previous session as traders speculated on whether","og_url":"https:\/\/ifintechworld.com\/?p=88111","og_site_name":"iFintechWorld","article_published_time":"2023-11-24T02:53:38+00:00","article_modified_time":"2023-11-24T02:53:39+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/oil_2_800x533_L_1412692774.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=88111#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=88111"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Brent climbs ahead of OPEC+ oil production decision","datePublished":"2023-11-24T02:53:38+00:00","dateModified":"2023-11-24T02:53:39+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=88111"},"wordCount":339,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=88111#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=88111","url":"https:\/\/ifintechworld.com\/?p=88111","name":"Brent climbs ahead of OPEC+ oil production decision | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-11-24T02:53:38+00:00","dateModified":"2023-11-24T02:53:39+00:00","description":"By Colleen Howe BEIJING (Reuters) - futures rose in early Asian trade on Friday, reversing losses in the previous session as traders speculated on whether","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=88111#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=88111"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=88111#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Brent climbs ahead of OPEC+ oil production decision"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/88111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=88111"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/88111\/revisions"}],"predecessor-version":[{"id":88112,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/88111\/revisions\/88112"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/63818"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=88111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=88111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=88111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}