Oil prices jump 2% as OPEC eyes extension of supply cuts
by ChemOrbis Editorial Team - content@chemorbis.com
Oil markets closed 2% higher on Tuesday amid optimism over a possible extension of production cuts from the OPEC+ and a major decrease in US crude inventories. On the other hand, uncertainty over the presidential election in the US as well as the ongoing pandemic keep casting a shadow on energy markets.
Several media sources reported that OPEC and its allies are considering deeper supply cuts from January by a total of 7.7 million barrels/day to support crude oil markets.
Adding to this, data from the American Petroleum Institute (API) revealed that US crude inventories plunged by 8.01 million b/d in the week ended October 30.
Following the news, global benchmark Brent crude for January delivery rose 74 cents or 1.9% to settle at $39.71/barrel on Tuesday, while US benchmark West Texas Intermediate (WTI) crude for December delivery rose 85 cents or 2.3% percent to settle at $37.66/barrel.
At the time of writing, WTI and Brent crude oil futures both were trading 2.3% higher from the previous close at around $38.54/bbl and $40.63/bbl, respectively. Prices gave notable losses back in the second half of October, sending global benchmarks to a 5-month low.
Several media sources reported that OPEC and its allies are considering deeper supply cuts from January by a total of 7.7 million barrels/day to support crude oil markets.
Adding to this, data from the American Petroleum Institute (API) revealed that US crude inventories plunged by 8.01 million b/d in the week ended October 30.
Following the news, global benchmark Brent crude for January delivery rose 74 cents or 1.9% to settle at $39.71/barrel on Tuesday, while US benchmark West Texas Intermediate (WTI) crude for December delivery rose 85 cents or 2.3% percent to settle at $37.66/barrel.
At the time of writing, WTI and Brent crude oil futures both were trading 2.3% higher from the previous close at around $38.54/bbl and $40.63/bbl, respectively. Prices gave notable losses back in the second half of October, sending global benchmarks to a 5-month low.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops
- Tight supply keeps expectations bullish in Turkey’s PVC market
- End of China’s ‘zero-COVID’ stance: Double-edged sword for Asia PVC, PP and PE markets
- Mid-Eastern sellers approach China, SE Asia and Turkey with firmer PP, PE prices for Jan
- Egypt’s local PE, PP markets head north as pound plunges to new low
- Styrenics markets reverse slump after months-long downtrend in Europe
