Oil prices held steady as the market awaited OPEC+’s output decisions
China’s manufacturing sector recorded its fastest growth since April, marking its second consecutive month of expansion. This resurgence has bolstered expectations for increased fuel demand from the world's second-largest oil consumer.
Oil prices remained largely unchanged on Monday, 02 December 2024, as the market balanced China's manufacturing recovery against the impact of a stronger US dollar.
Brent crude fell 1 cent and closed at $71.83/barrel.
WTI rose 10 cents and settled at $68.10/barrel.
China’s manufacturing sector recorded its fastest growth since April, marking its second consecutive month of expansion. This resurgence has bolstered expectations for increased fuel demand from the world's second-largest oil consumer.
Meanwhile, OPEC+ is set to meet on Thursday, 05 December, to discuss production plans for 2025. The group is widely anticipated to delay its planned production increase for the next quarter in response to market dynamics.
However, the strengthening US dollar has tempered gains, as a stronger dollar makes oil, priced in USD, more expensive for international buyers.
--------------------------------------
Written by: Muhammad Hafiz