Oil prices rise as market awaits possible OPEC+ cuts

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Oil prices rose on Friday in early Asian trade as markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend amid positive sentiment over U.S. monetary policy and Washington’s debt ceiling bill.

Market sentiment was also buoyed by Thursday’s U.S. crude stock data from the Energy Information Administration, which indicated that crude imports had jumped last week.

Ministers from key oil producing countries will decide whether to further trim output to support government revenues. Signals on any such cut have been varied, with Reuters reporting and analysts from banks including HSBC and Goldman Sachs indicating that further outputs cuts are unlikely and that the bloc would adopt a “wait and see” approach.

 

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