Oil prices rise, with focus on Israel-Hezbollah ceasefire and Opec+ policy

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The Star 2h ago

Oil prices rise, with focus on Israel-Hezbollah ceasefire and Opec+ policy - The Star

Quick Summary:

SINGAPORE: Oil prices edged up on Wednesday, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah and Sunday's OPEC+ meeting, in which the group could delay a planned increase to oil output.

"Market participants are assessing whether the ceasefire will be observed," said Hiroyuki Kikukawa, president of NS Trading, part of Nissan Securities.

OPEC+, which meets on Dec.1 to decide policy for early 2025, pumps about half the world's oil and had planned to roll back oil production cuts gradually over 2024 and 2025.