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Oil prices settle higher on tighter supply optimism ahead OPEC+ decision

Published 02/29/2024, 09:08 PM
Updated 03/01/2024, 03:36 PM
© Reuters. Oil prices settled at near four-month highs Friday, on growing optimism about tighter global supplies as focus shifts to potential announcement by OPEC+ next week.    

By 14:30 ET (19.30 GMT), the U.S. crude futures settled 2.2% higher at $79.97 a barrel after briefly topping $80 a barrel intraday for the first time since Nov. 7, 2022. The Brent contract climbed 2.1% to $83.94 a barrel. Both contracts are on a two-month win streak. 

OPEC+ decision eyed amid tighter supply hopes 

OPEC and its allies, or OPEC+, are reportedly expected to make a decision on whether to extend production cuts next week, Reuters reported, citing unnamed sources.

The rolling over of production curbs -- of about 2.2 million barrels per day that was agreed in November -- into the second quarter has lifted optimism about tighter global crude supply at a time when many are concerned about rising non-OPEC output and China-fueled demand weakness.       

Rig counts expand to highest since September

The number of oil rigs operating in the U.S. rose by 3 to 506, the highest since September, as domestic refiners slowly step-up activity after weather-related disruptions.

Still, rig counts continue to trend below levels requited "required to maintain current production," ANZ Research said in a recent note.

Domestic production fell to 13.315 million barrels per day in December, from November's record 13.314 million barrels per day.

(Peter Nurse, Ambar Warrick contributed to this article.)

Latest comments

fell from 13.314 to 13.315?
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no rate cuts not 2%
Rate hopes has nothing to do with oil. Hopes is a feeling, speculation not a supply and demand fundamental. Obviously the oil traders are stupid for ignoring the fact that inflation came in pretty hot for January and the fed isn't cutting anything anytime soon.
The FED will cut when things will be out of control, like they always do.
We need real news not f a k E  new S
trumpster still prefers the state controlled media of the Russian federation over the free press in the West. it matches his ideology of strong man politics and authoritarian supporters like trump.
Inflation higher than ever ! We need Real news today not F ak e  news just like we need a real Prez not a doddling ole F o o l  !
Next week headline...Oil prices dip as US rate hopes signals weakness
Its the same recycled stuff every week. Getting ridiculous
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