Nov 30 (Lagos) - Crude oil futures rallied as November ends and OPEC+ members meet today in Saudi Arabia. The OPEC+ meeting is expected to end with further production cuts announcements from its key members Saudi Arabia, Russia and Kuwait.
We could very well experience a short term rally in the oil price next week as the market reacts to the production cuts that will be announced. If the cuts are deeper than expected, the rally could be up to 10% according to some analysts.
Brent crude oil has rallied almost 4% in sessions and is above $83 a barrel while WTI crude oil futures were above $78 a barrel in New York at the time of writing this article.
reporting for easykobo.com on Thursday, Nov 30 2023 from Lagos, Nigeria