OIL rises above $74 as WSJ sources say that Saudi Arabia plans to extend production cuts

3:35 PM 4 December 2024

Brent Crude (OIL) gains more than 0.5% today, rising above $74 per barrel, as The Wall Street Journal sources said that Arabia will extend production cuts on tomorrow OPEC+ meeting. According to sources, cited by WSJ, Saudi Arabia prefers elevated oil prices, rather than rising market share across the global oil market. Also, the strengthening US dollar and better than expected macro data from China support a short-term bounce in oil prices. As we can see on the chat, OIL may potentially escape the symmetrical triangle formation, rising to $76 per barrel resistance. Today, we will learn US EIA inventories scheduled at 3:30 PM GMT. Also, US services ISM (November) at 3 PM GMT may increase the volatility on oil.

Source: xStation5

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