(Bloomberg) – Oil steadied near the highest level since November on expectations that supply curbs by OPEC+ leaders will keep tightening the market.
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West Texas Intermediate futures were little changed above $85 a barrel, while the Brent benchmark held above $88. Options markets have seen a flurry of bullish activity in recent weeks, with call volumes on US futures rising to the highest since May on Friday.
Russia has said details of the next reductions to crude exports will be released by OPEC+ in the coming days as producers continue to keep a lid on shipments. Saudi Arabia — which along with Moscow sets the tone at the OPEC+ alliance — is widely expected by traders to push its voluntary curbs into October.
An industry conference in Singapore also got under way Monday. Trafigura Group co-head of oil trading, Ben Luckock, said the market could be prone to price spikes. The OPEC+ cuts have been successful, Vitol Group Chief Executive Officer Russell Hardy…
2023-09-04 08:08:55
Article from finance.yahoo.com
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