{"id":89892,"date":"2024-02-23T06:25:33","date_gmt":"2024-02-23T11:25:33","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89892"},"modified":"2024-02-23T06:25:35","modified_gmt":"2024-02-23T11:25:35","slug":"oil-settles-up-2-focus-on-opec-storm-hit-kazakh-output","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89892","title":{"rendered":"Oil settles up 2%; focus on OPEC+, storm-hit Kazakh output"},"content":{"rendered":"
\n

By Stephanie Kelly<\/p>\n

NEW YORK (Reuters) -Oil prices jumped on Tuesday, settling up about 2% on the possibility OPEC+ will extend or deepen supply cuts, a storm-related drop in Kazakh oil output and a weaker U.S. dollar.<\/p>\n

futures settled up $1.70, or 2.1%, at $81.68 a barrel. U.S. West Texas Intermediate (WTI) crude gained $1.55, or 2.1%, to settle at $76.41. <\/p>\n

OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets.<\/p>\n

The talks will be difficult and a rollover of the previous agreement is possible rather than deeper production cuts, four OPEC+ sources said.<\/p>\n

The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. <\/p>\n

“We believe the market’s primary focus surrounds the continuation of Saudi Arabia’s additional voluntary cuts of 1 million barrels per day,” Walt Chancellor, an energy strategist at Macquarie, said in a note. “We believe an extension of these cuts into Q2\/Q3 2024 may represent the threshold for this meeting being viewed bullishly.”<\/p>\n

One possible compromise could involve Angola and Nigeria accepting reduced production targets for a few months if targets for the other countries were likewise lowered, said Commerzbank (ETR:)’s Carsten Fritsch.<\/p>\n

“According to delegates, Saudi Arabia is demanding lower production quotas from the other OPEC+ countries. While Kuwait has signaled that it would be willing to do so, some countries are apparently resisting any such move.”<\/p>\n

The United Arab Emirates is likely to oppose this, given that its 2024 production target was increased at its urging when OPEC+ held its previous meeting in early June, he added. <\/p>\n

Oil also found support from a weak dollar, an expected decline in inventories and the drop in Kazakh output.<\/p>\n

Kazakhstan’s largest oilfields have cut their combined daily oil output by 56%.<\/p>\n

Four analysts polled by Reuters estimated that the latest round of weekly U.S. supply reports will show crude inventories fell by about 900,000 barrels.<\/p>\n

The first of this week’s two reports is due at 2130 GMT from the American Petroleum Institute.<\/p>\n

The U.S. dollar sank to a three-month low on Tuesday after U.S. Federal Reserve Governor Christopher Waller flagged the possibility of lowering the Fed policy rate in the months ahead if inflation declines further.<\/p>\n

A weaker dollar typically bolsters oil demand, making dollar-denominated oil less expensive for buyers using other currencies.<\/p>\n

In the Middle East, Israeli forces and Hamas fighters held their fire beyond the original deadline of a truce, extended at the last minute by at least two days to let more hostages go free.<\/p>\n<\/div>\n

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

By Stephanie Kelly NEW YORK (Reuters) -Oil prices jumped on Tuesday, settling up about 2% on the possibility OPEC+ will extend or deepen supply cuts, a storm-related drop in Kazakh oil output and a weaker U.S. dollar. futures settled up $1.70, or 2.1%, at $81.68 a barrel. U.S. West Texas Intermediate (WTI) crude gained $1.55, […]<\/p>\n","protected":false},"author":1,"featured_media":89893,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-89892","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil settles up 2%; focus on OPEC+, storm-hit Kazakh output | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Stephanie Kelly NEW YORK (Reuters) -Oil prices jumped on Tuesday, settling up about 2% on the possibility OPEC+ will extend or deepen supply cuts, a\" \/>\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=89892\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil settles up 2%; 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