Crude Oil has small gains in European trading session with OPEC+ delaying upcoming production output meeting to December 5th
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US President Joe Biden hails ceasefire deal in the Middle East and calls the activated 60-day ceasefire deal as permanent. OPEC+ has confirmed it will delay its Output Policy Meeting to December 5. The US Dollar Index bounces off support with US markets closed for Thanksgiving. Crude Oil trades with slim gains during the European trading session on Thursday, while overall selling pressure persists after US President Joe Biden called the recent active ceasefire deal in Lebanon a permanent cessation of hostilities, Bloomberg reports. Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have confirmed they will postpone its upcoming Output Policy Meeting decision from Sunday to December 5. The conglomerate of Oil producers and exporters is again facing an existential crisis, with a slowdown in global demand with more non-OPEC supply to be released to markets taking place. The US Dollar Index (DXY), which measures the performance of the US Dollar (USD) against a basket of currencies, is bouncing off a technical support level. With US markets closed on Thursday and Friday for Thanksgiving and Black Friday, the bounce of the DXY comes from Europe, where France is facing issues. The French Prime Minister Michel Barnier warned that France could become unstable if the French Parliament does not pass the much-needed budget plan, which could cause issues for France in financial markets, Bloomberg reported. At the time of writing, Crude Oil (WTI) trades at $68.92 and Brent Crude at $72.70. Oil news and market movers: OPEC+ kicks can down the road for a few days Delegates close to the matter confirmed in early Thursday trading that OPEC+ will delay its planned meeting for Sunday towards December 5, Reuters and Bloomberg reported. OPEC’s secretariat said that the delay was because several ministers will attend the meeting of the Gulf Cooperation Council…
Filed under: News - @ November 28, 2024 1:22 pm