Oil prices surged 2% amid OPEC+ meeting speculations and Kazakhstan output drop
The spike in oil prices was also fuelled by a significant 56% decline in output from Kazakhstan's largest oilfields following a storm, and a weaker US dollar.
Oil prices surged approximately 2% on Tuesday, 28 November 2023 buoyed by anticipation of extended or intensified supply cuts among OPEC+ members as the cartel prepares for a crucial online ministerial meeting on Thursday.
The market experienced a downturn last week when OPEC+ delayed its meeting, initially slated to resolve discrepancies on production targets for African producers.
The spike in oil prices was also fuelled by a significant 56% decline in output from Kazakhstan's largest oilfields following a storm, and a weaker US dollar.
Brent crude futures settled up $1.70/barrel or 2.1%, close at $81.68/barrel.
WTI crude gained $1.55/barrel or 2.1%, to settle at $76.41/barrel.