Oil prices rebound strongly from 10-month lows as OPEC+ rules out production increases

2022-11-22 13:55PM UTC

Oil prices rose in European trade away from 10-month lows while on track for the first profit in the last five days as OPEC+ refuted reports of an increase of 500 thousand bpd in output. 


Prices were also buoyed by a weaker dollar against a basket of major rivals, while traders expect later US data to show a drawdown in US crude stocks. 


Global Oil Prices


US crude rose 1.8% to $81.71 a barrel, while Brent rose 1.75% to $89.16 a barrel, with a session-low at $87.40.


US crude lost 0.1%  on Monday, hitting ten-month lows at $75.30, while Brent fell 0.25% to $82.38 a barrel, the lowest since January.


OPEC + Output


The Wall Street Journal released a report that OPEC + might increase output by 500 thousand bpd.


Saudi Arabia ruled out such an increase and asserted the current 2 million bpd cut in production will continue until the end of 2023.


The Dollar


The dollar index fell 0.4% on Tuesday away from two-week highs at 107.99, and on track for the first loss in four days on active profit-taking.


A weaker dollar underpins commodity and mineral prices as they become cheaper to holders of other currencies.

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