Oil prices were volatile on Monday, with WTI price rising to $69.1 in early trading and then dropping back to $68.3 per barrel later in the day. If oil prices retreat, they may encounter support near $66.9 per barrel, while resistance may be found near $71.6 per barrel.
The OPEC+ Output Policy meeting had been originally scheduled for Sunday, December 1st but was postponed for Thursday, December 5th. OPEC’s December meeting holds special interest, as the organization is expected to announce its output plans for the year ahead on December 5th and markets anticipate an extension of OPEC’s oil production cuts into 2025. Comments from members of the OPEC+ consortium ahead of the meeting are likely to cause volatility in oil prices.
Concerns of a broadening conflict in the Middle East have boosted oil prices in the past year. Geopolitical tensions cooled early last week. A 60-day ceasefire between Israel and Lebanon was officially declared on Wednesday. However, reports that Israel already broke the ceasefire, boosted oil prices on Monday. Meanwhile, a civil war has broken out in Syria, further destabilizing the region. In addition, Russian President Vladimir Putin stated that Russia may use its new nuclear-capable missiles against Ukraine in response to Ukraine’s using long-range missiles to attack Russian territories.
Oil prices are kept in check by high central banks’ interest rates. Market odds of a December rate cut dropped from 68% to 63% on Monday, putting pressure on oil prices.
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Written by:
Myrsini Giannouli
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