{"id":89998,"date":"2024-03-01T06:41:41","date_gmt":"2024-03-01T11:41:41","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89998"},"modified":"2024-03-01T06:41:43","modified_gmt":"2024-03-01T11:41:43","slug":"oil-rises-1-as-markets-await-opec-decision","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89998","title":{"rendered":"Oil rises 1% as markets await OPEC+ decision"},"content":{"rendered":"
\n

By Robert Harvey<\/p>\n

LONDON (Reuters) -Oil prices rose on Friday and were set for weekly gains as markets awaited an OPEC+ decision on supply agreements for the second quarter while weighing fresh U.S., European and Chinese economic data.<\/p>\n

futures for May were up 83 cents, or 1.01%, at $82.74 a barrel by 1050 GMT. The April Brent futures contract expired on Feb. 29 at $83.62 a barrel.<\/p>\n

U.S. West Texas Intermediate (WTI) for April rose 81 cents, or 1.04%, to $79.07 a barrel. <\/p>\n

Both contracts traded more than $1 a barrel higher at their intra-day peaks.<\/p>\n

WTI is on track for a 3.4% increase this week, while following the switch in contract months Brent is around 1.4% higher than last week’s settlement price. <\/p>\n

Increasing possibilities of Saudi-led OPEC+ continuing with its supply cuts beyond the first quarter, and potentially until the end of 2024, will likely keep oil prices above $80 a barrel, said DBS Bank energy sector team lead Suvro Sarkar.<\/p>\n

A decision on extending OPEC+ cuts is expected in the first week of March, sources have said, with individual countries expected to announce their decisions.<\/p>\n

A Reuters survey showed the Organization of the Petroleum Exporting Countries pumped 26.42 million barrels per day (bpd) in February, up 90,000 bpd from January. <\/p>\n

Strong expectations of Saudi Arabia keeping term prices of crude it sells to Asian customers little changed in April from March levels also underpinned the market on Friday.<\/p>\n

On the demand side, Chinese manufacturing activity shrank for the fifth straight month in February, an official survey showed.<\/p>\n

Euro zone inflation fell in February according to Eurostat, but both the headline figure and core inflation, which strips out volatile food and fuel prices, just missed analysts’ expectations. <\/p>\n

But supporting prices, U.S. personal consumption expenditures (PCE) index showed January inflation in line with economists’ expectations on Thursday, reinforcing market bets for a June interest rate cut.<\/p>\n

“The process of disinflation is reassuringly under way, therefore smart money is currently on a June rate cut,” PVM analyst Tamas Varga said in a note on Friday.<\/p>\n<\/div>\n

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

By Robert Harvey LONDON (Reuters) -Oil prices rose on Friday and were set for weekly gains as markets awaited an OPEC+ decision on supply agreements for the second quarter while weighing fresh U.S., European and Chinese economic data. futures for May were up 83 cents, or 1.01%, at $82.74 a barrel by 1050 GMT. 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