Oil prices rallied over $1 on OPEC+ supply cut optimism

Oil prices surged over $1 per barrel on Wednesday, 29 November 2023 driven by investor optimism surrounding potential fresh supply cuts from OPEC+. Despite a significant increase in US crude, gasoline, and distillate inventories, market attention remained focused on the outcome of the OPEC+ meeting, where discussions are tilting towards the possibility of additional output reductions. However, the details of these cuts are still pending agreement. 

Adding to the market dynamics, a disruptive Black Sea storm, impacting up to 2 million bpd exports from Kazakhstan and Russia, further contributing to the upward momentum in oil prices.

Brent crude futures advanced by $1.42/barrel or 1.7%, to close at $83.10/barrel,

WTI crude futures gained $1.45/barrel or 1.9%, to close at $77.86/barrel.