Oil rises on Lebanon fears, more Opec+ supply cuts

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The Star 1d ago

Oil rises on Lebanon fears, more Opec+ supply cuts - The Star

Quick Summary:

Oil prices rose more than 2% on Tuesday as Israel threatened to attack the Lebanese state if its truce with Hezbollah collapses, and as investors positioned for OPEC+ to announce an extension of supply cuts this week.

Also supporting oil prices, the Organization of the Petroleum Exporting Countries and allies will likely extend output cuts when Opec+ meets on Thursday.

US crude oil inventories rose 1.2 million barrels in the week ended Nov.29, market sources said citing data from the American Petroleum Institute.