Oil prices scale 4-month high on speculation about OPEC+ cuts

Economies.com
2024-03-01 13:32PM UTC

Global oil prices rose in European trade on Friday on track for the second straight session, with US crude scaling four-month highs, and on track for the third weekly profit in a month on speculation about new OPEC+ production cuts.

 

Prices are also boosted by hopes of improving Chinese demand on fuel following positive manufacturing and services data in February. 

 

Global Oil Prices

 

US crude rose 1.9% to $79.76 a barrel, the highest since November 7, while Brent added 1.7% to $83.36 a barrel. 

 

US crude lost 0.1% on Thursday, while Brent climbed 0.2% on improving risk appetite on higher-yield assets. 

 

Oil prices were up 2.5% on average in February, the second monthly profit in a row as the OPEC+ alliance pledges to support the market, and amid ongoing concerns about supply disruptions in the Red Sea.  

 

As for this week, prices are up 3% so far on track for the third weekly profit in a month.

 

OPEC+ 

 

OPEC+ is expected to extend current production cuts into the second half of the year to support prices and sap supplies.

 

A Bloomberg survey expects OPEC+ to extend current production cuts for a new duration, and force output limitations of upwards of 2 million bpd. 

 

Chinese Demand

 

Chinese data showed the manufacturinng PMI hit 50.9 in February, beating estimates of 50.7. 

 

 China’s services PMI rose 51.4 in February, the best since September, and beating estimates of 50.9. 

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