Oil prices rose on Tuesday as investors weighed a potential output adjustment from the Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+.At 09.00 GMT+1, Brent crude went up 12.06 percent to $85.59 a barrel while West Texas Intermediate crude climbed 1.73 percent to $78.58 a barrel.
“Although this is merely a guess… not the official statement from the OPEC, it still reflects the near-term market sentiment and is likely to be the turning point of the oil prices,” analysts said.to cut production by 2 million barrels per day from the market, starting from November 2022, aiming to shore up oil prices.Analysts at Eurasia Group also suggested that weakened demand out of China could spur OPEC+ to cut output in its December meeting.
The price jump was also aided by hopes that China would relax its COVID-19 controls after rare protests against the country’s zero-COVID strategy over the weekend in major Chinese cities.Group of Seven and European Union diplomats have been discussing a cap between $65 and $70 a barrel, to limit revenue to fund Moscow’s military offensive in Ukraine without disrupting global oil markets.
Recently, the Central Bank of Nigeria lamented that the country’s external reserves no longer come from crude oil sales.3 billion monthly to zero in 2022.
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