Oil rises on weak dollar, OPEC+ output cut expectations

Oil prices rose on Tuesday, supported by a weak dollar and expectations that the OPEC+ producer group would deepen and extend output cuts due to concerns over subdued demand.

Brent crude futures were up 57 cents, or 0.7%, to 80.55 a barrel at 0845 GMT, on track to snap a four-day losing streak. U.S. West Texas Intermediate (WTI) crude futures were 54 cents higher, also up 0.7%, at $75.40 a barrel, after falling for three straight sessions.

OPEC+, which combines the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on Nov. 30 to discuss production targets for 2024.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Union Jack Oil

More articles like this

Union Jack Oil

Union Jack Oil expands into USA with three mineral royalty packages

Union Jack Oil plc (LON:UJO), a predominantly UK onshore focused production, development and exploration company, has announced details of its initial expansion into the United States of America, with the purchase of three Mineral Royalty packages, brokered by