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Crude Rises to New Daily Highs on Headlines Suggesting Further OPEC Cuts

OIL

Crude has risen to new intraday highs after headlines from the WSJ that OPEC is pondering production cuts of up to 1m b/d, hovering around its highest closing level since Nov. 7

  • OPEC+ is likely to rollover the existing output curbs but is considering additional production cuts up to 1m b/d, delegates told the WSJ Nov. 29. Saudi Arabia is heard to be in support of the additional cuts, but African producers and the UAE are not in favour.
  • Crude has been volatile during the day, seeing a sharp fall following a larger build in US stocks, but has since rebounded and recouped all losses.
  • WTI has traded between $75.2/b and $77.95/b during the day so far.
  • WTI JAN 24 up 2% at 77.94$/bbl
  • WTI JAN 24 up 2% at 77.95$/bbl

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