Brent crude trims losses amid reports of OPEC+ production cuts

28/11/2022 Argaam

Brent crude trimmed losses at close today, Nov. 28, while WTI crude rose after reports that OPEC+ was considering an output cut during its next meeting.

 

Prices recovered after hitting the lowest levels since December 2021 earlier in the session, due to concerns related to demand in China.

 

Protests erupted in several regions of China over the weekend against the strict restrictions imposed by the authorities to stop the spread of coronavirus.

 

Prices turned upward after reports indicated that the Organization of the Petroleum Exporting Countries and allies (OPEC+) was considering deepening oil production cuts during its meeting scheduled for Dec. 4.

 

Brent crude fell 0.5%, or 44 cents, to close at $83.19 a barrel, recovering from $80.61 earlier in the trading.

 

WTI crude rose 1.3%, or 96 cents, to reach $77.24, wiping off its earlier decline to $73.60.

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