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Crude oil prices gain on Kazakh, Russian supply disruption

29 Nov 2023 8:21 am
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Mumbai, 29 Nov (Commoditiescontrol): Crude oil prices gained on Wednesday after a storm in the Black Sea region disrupted oil exports from Kazakhstan and Russia, raising fears of supply tightness, while investors awaited a crucial decision by OPEC+, which may deepen or extend output cuts.

Brent crude futures gained 33 cents, or 0.4%, at $82.01 a barrel. U.S. West Texas Intermediate (WTI) crude futures climbed 45 cents, or 0.6%, to $76.86 a barrel.

Both benchmarks gained about 2% on Tuesday on the possibility the Organization of the Petroleum Exporting Countries and allies such as Russia (OPEC+), will extend or deepen supply cuts, as well as concerns over Kazakh oil output and a weaker U.S. dollar.

A severe storm in the Black Sea region has disrupted up to 2 million barrels per day (bpd) of oil exports from Kazakhtsan and Russia, according to state's officials and port agent data.

Kazakhstan's largest oilfields are cutting combined daily oil output by 56% from Nov. 27, the Kazakh energy ministry said.

OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets, after delaying the meeting from Nov. 26.

Oil prices gain on deeper production cut prospect, as well as support from the dollar's weakness and a drop in U.S. crude inventories.

The dollar languished near a three-month trough against its major peers on Wednesday as expectations mount the Federal Reserve could begin lowering rates by early next year.

A weaker dollar typically supports oil prices as it makes oil cheaper for those holding other currencies.

Meanwhile, U.S. crude oil inventories fell by 817,000 barrels last week, according to market sources citing American Petroleum Institute figures.

(By Commoditiescontrol Bureau: 09820130172)


       
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