The anticipated delay in production normalisation until the second quarter of 2025 highlights OPEC+'s acute awareness of the market's sensitivity to changes in output levels. Such a move demonstrates the alliance's commitment to avoiding a rapid resurgence of oversupply, which could negatively impact prices.
Simultaneously, the U.S. Dollar Index (DXY) is weakening as the Thanksgiving holiday approaches, further bolstering oil prices. A weaker dollar reduces the cost of crude for buyers using other currencies, thereby increasing demand in the coming days.
The nearly 1% rise in WTI and Brent crude underscores an immediate response to reports that OPEC+ members are engaged in discussions to extend production cuts. Should these measures be confirmed, they will undoubtedly support prices in the coming period.
Wednesday's focus on releases such as revised U.S. GDP figures and the PCE Price Index highlights the macroeconomic factors shaping oil price trajectories. Any positive surprises could reinforce optimism about future energy demand.
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