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Oil prices close mixed as traders await OPEC+ meeting

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West Texas Intermediate for January

– Oil prices closed mixed on Tuesday as market participants awaited a key meeting of major producers.

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West Texas Intermediate for January delivery rose 96 cents, or 1.24 percent, to settle at 78.2 US dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery fell 16 cents, or 0.19 percent, to settle at $83.03 a barrel on the London ICE Futures Exchange.

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The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, will meet on December 4. In October, the oil alliance agreed to cut its production target by 2 million barrels a day from November to prop up prices.

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Traders were also awaiting data on US fuel stockpiles as the Energy Information Administration releases its weekly state of oil report on Wednesday.

Oil prices have been under pressure recently amid concerns about declining demand as the global economy slows.

UBS analysts said “downward pressure on oil from a weaker global economy should be offset by lower global supply.”

“We maintain a preference for both energy stocks and crude oil itself, both of which should benefit from tightening crude supply dynamics in early 2023,” they said in a note Tuesday, adding “the ban European Union to import Russian oil, the end of strategic sales of oil inventories in OECD countries, and the switch from gas to oil should all be factors that support prices”. ■

(Xinhua)

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