{"id":15592,"date":"2024-11-01T02:59:39","date_gmt":"2024-11-01T02:59:39","guid":{"rendered":"https:\/\/www.vglobaltrader.com\/?p=15592"},"modified":"2024-11-01T02:59:39","modified_gmt":"2024-11-01T02:59:39","slug":"oil-climbs-on-gulf-tensions-opec-outlook","status":"publish","type":"post","link":"https:\/\/www.vglobaltrader.com\/kur\/analysis\/oil-climbs-on-gulf-tensions-opec-outlook\/","title":{"rendered":"Oil Climbs on Gulf Tensions, OPEC+ Outlook"},"content":{"rendered":"\n<p><em>Listen to the article here:<\/em><\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/www.vglobaltrader.com\/wp-content\/uploads\/2024\/11\/15592.mp3\"><\/audio><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Key points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Brent crude futures rose by $1.31 to $74.12 per barrel as geopolitical tensions escalate.<\/li>\n\n\n\n<li>West Texas Intermediate climbed $1.35, with a focus on potential OPEC+ production cuts to stabilise prices.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>Oil prices advanced over $1 a barrel on Friday, with Brent crude futures rising by 1.80% to $74.12 and U.S. West Texas Intermediate (WTI) crude gaining 1.95% to $70.61 per barrel. This comes as the market digests reports of Iran\u2019s alleged plans for a retaliatory strike on Israel from Iraq, as cited by Israeli intelligence sources. This increase underscores a shift in market sentiment as traders respond to regional instability, reinforcing crude prices after recent declines.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vglobaltrader.com\/wp-content\/uploads\/2024\/11\/image-1-1024x473.jpeg\" alt=\"\" class=\"wp-image-15593\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>See: The 30-minute WTI chart shows a 2.21% upward trend, closing at 70.603 with bullish momentum from recent moving average and MACD crossovers on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>OPEC+ Mulls Delay as Oil Prices Falter<\/strong><\/h2>\n\n\n\n<p>Despite gains, oil prices still show a weekly drop, pressured by Monday\u2019s 6% fall following an Israeli military operation that targeted Iran&#8217;s assets, yet avoided oil and nuclear facilities. With this backdrop, OPEC+ may choose to delay its planned December production increase.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">OPEC+ oil producers are due to start adding as much as 2.5 million barrels a day to supply from December. They may have to wait, writes <a href=\"https:\/\/twitter.com\/JLeeEnergy?ref_src=twsrc%5Etfw\">@JLeeEnergy<\/a> <a href=\"https:\/\/t.co\/n2ml22mov0\">https:\/\/t.co\/n2ml22mov0<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1851591795060191530?ref_src=twsrc%5Etfw\">October 30, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Sources familiar with the group\u2019s discussions indicate that a postponement decision could come next week, reflecting concerns over soft demand and excess supply. Such a move would likely support prices through year-end, particularly if geopolitical risks persist.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>China\u2019s Manufacturing Rebounds, Signalling Rising Demand<\/strong><\/h2>\n\n\n\n<p>Meanwhile, China\u2019s October manufacturing activity showed growth in both private and official surveys, marking the first expansion in six months and suggesting that stimulus measures are gradually boosting industrial demand.\u00a0<\/p>\n\n\n\n<p>This shift in China\u2019s manufacturing activity aligns with data from the U.S. Energy Information Administration (EIA) revealed that gasoline inventories dropped to a two-year low last week on higher demand, while crude stockpiles also saw an unexpected decline as imports dipped.<\/p>\n\n\n\n<p>On the domestic front, the U.S. remains a critical player, setting a record high production rate of 13.4 million barrels per day in August. WTI\u2019s current rally, nearing $71.80, may find stability at these levels if geopolitical and production factors unfold as anticipated.<\/p>\n\n\n\n<p><strong>See also: <a href=\"https:\/\/www.vglobaltrader.com\/analysis\/oil-prices-steady-on-surprise-drop-in-us-crude\/\">Oil Prices Steady on Surprise Drop in US Crude<\/a><\/strong><\/p>\n\n\n\n<p>&nbsp;With the upcoming U.S. election and China&#8217;s National People&#8217;s Congress meeting, these factors are poised to influence global demand and fiscal policy adjustments, potentially altering the trajectory of the oil market in the near term.<\/p>\n\n\n\n<p><strong>Start trading now \u2014 click <\/strong><a href=\"https:\/\/www.vglobaltrader.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\"><strong>here<\/strong><\/a><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices surge on rising risks, with concerns over a potential Iran-Israel conflict and OPEC+ talks on delaying production increases. &#8211; vtmarkets.com <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[41],"tags":[28,45],"class_list":["post-15592","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-commodities","tag-oil"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vglobaltrader.com\/kur\/wp-json\/wp\/v2\/posts\/15592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vglobaltrader.com\/kur\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vglobaltrader.com\/kur\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vglobaltrader.com\/kur\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vglobaltrader.com\/kur\/wp-json\/wp\/v2\/comments?post=15592"}],"version-history":[{"count":0,"href":"https:\/\/www.vglobaltrader.com\/kur\/wp-json\/wp\/v2\/posts\/15592\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vglobaltrader.com\/kur\/wp-json\/wp\/v2\/media?parent=15592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vglobaltrader.com\/kur\/wp-json\/wp\/v2\/categories?post=15592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vglobaltrader.com\/kur\/wp-json\/wp\/v2\/tags?post=15592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}