{"id":121981,"date":"2024-11-04T14:20:47","date_gmt":"2024-11-04T07:20:47","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=121981"},"modified":"2024-11-04T14:20:47","modified_gmt":"2024-11-04T07:20:47","slug":"oil-gains-more-than-1-after-opec-delays-output-hike","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=121981","title":{"rendered":"Oil gains more than $1 after OPEC+ delays output hike"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<div data-testid=\"ContextWidget\" class=\"context-widget__container__3fXK0 context-widget__with-scroll__1cg1b article-body__context_widget__1xxEe\">\n<div class=\"context-widget__content__1X4Oq\">\n<ul data-testid=\"Summary\" class=\"summary__summary__31feP\">\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__small_body__2vQyf summary__point__NO-2F\">Brent up 1.6%, WTI up 1.7%<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__small_body__2vQyf summary__point__NO-2F\">OPEC+ delays December output hike by one month<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__small_body__2vQyf summary__point__NO-2F\">Focus on US election, China NPC meet this week<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__full_width__ekUdw body__small_body__2vQyf article-body__paragraph__2-BtD\">BEIJING\/SINGAPORE, Nov 4 (Reuters) &#8211; Oil prices extended gains on Monday, rising more than $1 on a decision by OPEC+ to <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/opec-agrees-delay-december-output-hike-one-month-sources-say-2024-11-03\/\" referrerpolicy=\"no-referrer-when-downgrade\" class=\"text__text__1FZLe text__inherit-color__3208F text__inherit-font__1Y8w3 text__inherit-size__1DZJi link__link__3Ji6W link__underline_default__2prE_\">delay<\/a> by a month plans to increase output, while the market braced for a week that spans a U.S. presidential election and a key meeting in China.<\/div>\n<p>Brent futures rose by $1.18 per barrel, or 1.61%, to stand at $74.28 a barrel by 0402 GMT. U.S. West Texas Intermediate (WTI) crude rose by $1.21 a barrel, or 1.74%, to stand at $70.70.<\/p>\n<p>On Sunday, OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, said it would extend its output cut of 2.2 million barrels per day (bpd) for another month in December, with an increase already delayed from October because of falling prices and weak demand.<\/p>\n<p>The grouping had been due to increase output by 180,000 bpd from December.<\/p>\n<p>&#8220;While the delay until January does not change fundamentals significantly, it does potentially leave the market having to rethink the strategy of OPEC+,&#8221; ING analysts said in a note.<\/p>\n<p>The delay bucked the expectations of some in the market for OPEC+ to deliver the planned hike in output, they added.<\/p>\n<p>&#8220;This delayed supply increase means that maybe the group are more willing to support prices than many believe,&#8221; they said.<\/p>\n<p>The group is set to gradually unwind the 2.2-million-bpd cut over the coming months, while another 3.66 million bpd of production cuts will stay until the end of 2025.<\/p>\n<p>Brent and WTI posted weekly declines last week of about 4% and 3%, respectively, as record U.S. output weighed on prices. But both contracts edged up on Friday on reports that Iran could launch a retaliatory strike on Israel within days.<\/p>\n<div data-testid=\"paragraph-9\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__full_width__ekUdw body__small_body__2vQyf article-body__paragraph__2-BtD\">On Thursday, U.S. news website Axios said Israeli intelligence suggested that Iran was preparing to <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/iran-preparing-strike-israel-iraqi-territory-within-days-axios-reports-2024-10-31\/\" referrerpolicy=\"no-referrer-when-downgrade\" class=\"text__text__1FZLe text__inherit-color__3208F text__inherit-font__1Y8w3 text__inherit-size__1DZJi link__link__3Ji6W link__underline_default__2prE_\">attack<\/a> Israel from Iraq within days, citing two unidentified Israeli sources.<\/div>\n<p>It is questionable whether the price uptrend will be sustained as previous initial positive reaction to the delayed output hike and geopolitical tension have eventually fizzled off, said Yeap Jun Rong, a market strategist at IG.<\/p>\n<p>For now, oil prices may stay in a broad consolidation range, with any upside likely to find some resistance at the level of $78.50, he added.<\/p>\n<div data-testid=\"paragraph-12\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__full_width__ekUdw body__small_body__2vQyf article-body__paragraph__2-BtD\">Markets await Tuesday&#8217;s U.S. <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/world\/us\/harris-campaigns-michigan-trump-hits-eastern-battleground-states-2024-11-03\/\" referrerpolicy=\"no-referrer-when-downgrade\" class=\"text__text__1FZLe text__inherit-color__3208F text__inherit-font__1Y8w3 text__inherit-size__1DZJi link__link__3Ji6W link__underline_default__2prE_\">presidential election<\/a>, with polls showing Democratic Vice President Kamala Harris and Republican former President Donald Trump neck-and-neck.<\/div>\n<p>And on Thursday, economists expect the U.S. Federal Reserve to cut interest rates by 25 basis points.<\/p>\n<div data-testid=\"paragraph-14\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__full_width__ekUdw body__small_body__2vQyf article-body__paragraph__2-BtD\">In China, the Standing Committee of the National People&#8217;s Congress meets from Monday to Friday and is expected to approve <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/world\/china\/eyeing-us-election-china-considers-over-14-trillion-extra-debt-over-next-few-2024-10-29\/\" referrerpolicy=\"no-referrer-when-downgrade\" class=\"text__text__1FZLe text__inherit-color__3208F text__inherit-font__1Y8w3 text__inherit-size__1DZJi link__link__3Ji6W link__underline_default__2prE_\">additional stimulus<\/a> to boost the slowing economy, though analysts say the bulk may go to help cut local government debt.<\/div>\n<p data-testid=\"promo-box\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__small_body__2vQyf article-body__promo-box__3bCm_\"> Sign up <!-- --> <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/oil-prices-rise-by-over-1-opec-output-hike-delay-2024-11-04\/undefined?location=article-paragraph\" referrerpolicy=\"no-referrer-when-downgrade\" class=\"text__text__1FZLe text__inherit-color__3208F text__inherit-font__1Y8w3 text__inherit-size__1DZJi link__link__3Ji6W link__underline_default__2prE_\">here.<\/a><\/p>\n<div class=\"article-body__element__2p5pI\">\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__extra_small__1Mw6v body__full_width__ekUdw body__extra_small_body__3QTYe sign-off__text__PU3Aj sign-off__no-margin-top__2e9N-\">Reporting by Colleen Howe in Beijing and Siyi Liu in Singapore; 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Oil prices &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=121981\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-121981","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/121981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=121981"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/121981\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=121981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=121981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=121981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}