{"id":13669,"date":"2024-12-21T01:10:29","date_gmt":"2024-12-21T01:10:29","guid":{"rendered":"https:\/\/infundpros.com\/?p=13669"},"modified":"2024-12-21T01:10:30","modified_gmt":"2024-12-21T01:10:30","slug":"oil-edges-lower-in-choppy-trade-as-opec-delays-meeting-by-reuters","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=13669","title":{"rendered":"Oil edges lower in choppy trade as OPEC+ delays meeting By Reuters"},"content":{"rendered":"
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By Nicole Jao<\/p>\n

NEW YORK (Reuters) – Oil prices fell nearly 1% in a volatile session on Wednesday as OPEC+ producers unexpectedly delayed a meeting on production cuts, raising questions about global crude supplies.<\/p>\n

futures settled 49 cents lower to $81.96 a barrel, after falling more than 4% to a low of $78.41 earlier in the session. U.S. West Texas Intermediate crude settled 67 cents lower at $77.10, after declining more than 5% to a session low of $73.79 earlier in the day.<\/p>\n

OPEC+ postponed the meeting, originally scheduled for Nov. 26, to Nov.30, it said in a statement, a surprise development that drove prices sharply lower in early trading. The group was expected to discuss whether to expand oil output cuts.<\/p>\n

Prices bounced back after news that the disagreement was related to African countries, which are among the smaller producers in the group, rather than the top oil exporters. <\/p>\n

Some traders also pointed to low liquidity ahead of the U.S. Thanksgiving holiday.<\/p>\n

The OPEC+ meeting, which includes major producers Saudi Arabia, Russia and other allies and members of the Organization of the Petroleum Exporting Countries, had been expected to consider further changes to a deal that already limits supply into 2024, according to analysts and OPEC+ sources.<\/p>\n

The delay stoked concerns that more production could come online from oil producers in the coming months, said Dennis Kissler, senior vice president of trading at BOK Financial.<\/p>\n

A rise in inventories also pressured prices lower on Wednesday morning, he said.<\/p>\n

{{8849|U.S. crcrude oil inventories rose by 8.7 million barrels last week on higher imports, the Energy Information Administration (EIA) said.<\/p>\n

The U.S. dollar bounced back from a 2-1\/2-month low after economic data showed lower unemployment claims. A rise in the greenback makes dollar-denominated oil more expensive for buyers in other currencies.<\/p>\n

Both crude benchmarks have fallen for four straight weeks.<\/p>\n

To support prices, OPEC and its allies will need to not only extend, but increase cuts, said John Evans of oil broker PVM in a note.<\/p>\n<\/p>\n

Earlier this week, an OPEC technical panel invited a top financial market dealer to give a presentation, seen by Reuters, which painted a bearish outlook for the oil market.<\/p>\n

Even if the OPEC+ nations extend their cuts into next year, the global oil market will see a slight supply surplus in 2024, the head of the International Energy Agency’s oil markets and industry division said on Tuesday. <\/p>\n<\/p><\/div>\n