CPT Markets： OPEC+Consider extending voluntary production cuts to support oil prices! Follow within the day...

Brentcrude oil (Brent Oil)：

Brent crude oil rose to82.29Nearby, due to news reportsOPEC+We are considering extending the voluntary reduction in oil production until the second quarter to provide more support.

In terms of bullish data, oil prices rose more than1The US dollar has hit a new high in over a week,2023year11Organization of Petroleum Exporting CountriesOPECAnd its allies, including RussiaOPEC+The alliance has agreed to voluntarily reduce production by a total of approximately220ten thousand bucket/Saudi Arabia will extend the voluntary production reduction that has already been carried out. Two sources said that the production reduction action may even last until the end of the year. OPEC+Sources say that,OPEC+We will consider extending the voluntary production reduction agreement until the second quarter to provide additional support to the market. Sources also stated that,OPEC+This issue has not yet been formally discussed. The decision to extend production reduction is expected to be made3In the first week of the month, it is expected that each country will announce its own decision. In addition, mediators from Israel, Hamas, and Qatar are all cautious about the progress of the ceasefire in Gaza. Previously, US President Biden stated that he hopes to achieve a ceasefire between Israel and Hamas in Gaza by next Monday. In public, Israel and Hamas continue to take completely different positions on the ultimate goal of a ceasefire, while accusing each other of delaying negotiations, which provides support for oil prices from the supply side. In terms of bearish data, surveys show that it is expected that crude oil inventories in the United States will increase by approximately last week270Ten thousand barrels. LatestAPIData shows that US crude oil inventories increased significantly last week842.8Ten thousand barrels, exceeding market expectations180Ten thousand barrels.

In summary, oil prices are affected byOPEC+We will consider extending the voluntary production reduction agreement to the second quarter to provide additional support to the market, but data surveys show that the US crude oil storage is expected to increase last week; The market will focus on the actual situation in the fourth quarter of the United StatesGDPAnnualized quarterly rate and EIACrude oil inventory series data.

Press from above(Upper resistance) 82.20，82.60； From the downward direction, the lower support81.80。

CPT MarketsRisk Tips and Disclaimers : The above article content is for reference only and is not intended as future investment advice.CPT Markets The articles published are mainly based on international financial data reports and international news as reference.