Oil rises amid anticipation of the OPEC+ decision and geopolitical turmoil

Brent crude futures were up 19 cents, or 0.26 percent, at $73.81 a barrel by 09:16 GMT, while West Texas Intermediate crude futures were up 13 cents, or 0.19 percent, at $70.07.

And achieved Brent Yesterday, Tuesday, it made the biggest increase in the last two weeks when it rose by 2.5 percent.

Priyanka Sachdeva, market analyst at Philip Nova, said oil prices were supported by a fragile truce between Israel and the Hezbollah group, South Korea’s announcement of a state of emergency and an offensive by opposition forces in Syria that threatens to draw forces from the oil-producing country, according to to what Reuters reported.

she said IsraelOn Tuesday, he will return to war with… Hezbollah If the truce between them collapses, in this case attacks will be launched deep into Lebanon and the country itself will be the target. The comments came a day after the deadliest day since Israel and Hezbollah agreed to a ceasefire last week.

Industry sources told Reuters that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as the OPEC+ group, are likely to extend production cuts until the end of the first quarter of next year when the members meet tomorrow, Thursday.

The OPEC+ alliance aims to gradually end production cuts during 2025.

Market sources, citing data from the American Petroleum Institute, said crude oil inventories in the United States rose by 1.2 million barrels last week.

Gasoline inventories also rose by 4.6 million barrels, despite the fact that Sunday included Thanksgiving, when demand typically rises as families travel by car for the holiday.

Official data on oil inventories is expected to be released by the US Energy Information Administration at (15:30 GMT) today, Wednesday. Analysts polled by Reuters expected a decline of 700,000 barrels of crude oil and an increase of 639,000 barrels of gasoline.