Oil prices were little changed in early Asian trade on Friday after falling more than 1% in the previous session, as Israel and Hamas agreed to the first phase of a plan to end the war in Gaza.
Under the deal, Israel will partially withdraw from Gaza, and Hamas will free all remaining hostages it captured, in exchange for hundreds of prisoners held by Israel.
After meeting on Sunday, the OPEC+ said that it would raise oil production by 137,000 bpd in November, citing "a steady global economic outlook and current healthy market fundamentals."
The hikes have been likely lower than the headline figures suggest though because some producers lack the spare capacity and others are compensating for previous overproduction.
Analysts warn that a supply shock could occur any day and expose the limitations of the OPEC+ in managing a "stable" oil market given increasingly fragmented and volatile geopolitical situation.
US output is expected to hit a larger record this year than previously expected, the EIA said on Tuesday, even as the agency warned that a glut of oil will weigh on prices in the months ahead.
Brent crude seemingly bottomed out at $64.74, gearing up for a modest rebound. However, it may find it hard to rise above 50 SMA soon with the Middle East on the cusp of peace.
EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
더 오래된 의견은 없습니다. 소파를 가장 먼저 잡으십시오.