Oil prices rise with all eyes on OPEC+ supply decision [CNBC]
RAKUTEN GROUP INC S/ADR (RKUNY)
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Source: CNBC
Brent crude futures climbed 12 cents, or 0.2%, to $72.43 a barrel by 0103 GMT while U.S. crude futures were at $68.70 a barrel, up 16 cents, or 0.2%. Both benchmarks fell nearly 2% on Wednesday. The Organization of the Petroleum Exporting Countries and its allies in OPEC+ are likely to extend their latest round of oil production cuts by at least three months from January when it meets online at 1100 GMT on Thursday, OPEC+ sources told Reuters, to provide additional support for the oil market. OPEC+ has been looking to phase out supply cuts through next year. “Market participants are closely watching to see if OPEC+ will focus on bolstering prices by extending production cuts, or opt to defend its share of the global crude oil market by easing those cuts,” said Satoru Yoshida, a commodity analyst with Rakuten Securities. “The OPEC+ decision may prompt a short-term reaction, but the oil market is likely to rise by year-end on expectations of a U.S. economic recovery under the
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