WTI crude oil futures increased to $68.3 per barrel on Tuesday. Traders are now focusing on the upcoming OPEC+ meeting on Thursday. They anticipate further decisions about the global oil supply.
OPEC+ Expected to Hold Production
OPEC+ will likely postpone their planned production increase once again. This would be the third delay due to fears of oversupply next year. Additionally, higher factory activity in China, the largest oil importer, suggests a slow economic recovery. This has a positive effect on oil prices.
Saudi Arabia May Reduce Crude Prices
Saudi Arabia, the leading oil exporter, might lower crude prices for Asian buyers. Prices could drop to the lowest level in at least four years.
Traders monitor Syria to see if it impacts regional stability and oil supply. Additionally, renewed conflicts between Israel and Hezbollah could disrupt a fragile ceasefire.