Oil prices rose more than 1 percent on Thursday, Nov. 30, as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to make 1 million barrels a day of further oil supply cuts to go along with the much-anticipated Saudi -Arabia. an extension of a voluntary reduction of the same size.
Brent crude futures for January gained 91 cents, or 1.1 percent, to $84.01 a barrel. The front-month Brent contract expires later on Thursday. The more liquid February contract was up 83 cents, or 1 percent, at $83.71. U.S. West Texas Intermediate crude futures rose 81 cents, or about 1 percent, to $78.67, according to Reuters news agency.
At home, on the Multi Commodity Exchange (MCX), crude oil futures due to expire on December 18, last traded 0.89 percent lower at ₹6,430 per bbl, having swung between ₹6,409 and ₹6,644 per bbl during the session so far, against a previous close of ₹6,488 per barrel.
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Where are the prices going?
Crude oil extended gains ahead of the OPEC+ meetings on hopes that members will agree on production cuts to stabilize global oil prices. Crude oil prices also rebounded after better-than-expected US third-quarter GDP data. US GDP grew 5.2 percent in the third quarter against previous estimates of 4.9 percent.
However, a rise in US crude inventories limited gains. According to official data, the inventory of crude oil grew by 1.6 million barrels in the last week was against expectations of a draw of 0.1 million barrels, analysts said.
”We expect crude oil prices to remain volatile this week amid volatility in the dollar index and OPEC+ meetings. Crude oil has support at $76.85-76.10 and resistance is at $78.50-79.20. In INR oil has support at ₹6,390-6,320 while resistance is at ₹6,580-6,640,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
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Updated: 30 Nov 2023, 21:47 IST