West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $68.85 on Friday.
WTI price trades sideways around $68.85 in Friday’s early Asian session. The ongoing Russia/Ukraine conflict highlighted risks to Russian oil supplies, which might lift the WTI price.
, which accounts for about half of world oil output, is scheduled to meet on December 5 after delaying its earliermeeting. Key considerations include whether to prolong the voluntary production cutsof 2.2 million barrels per day slated to phase out in December. Reports suggest members are considering delaying planned output increases for January amid persistent demand uncertainties. A further delay has mostly been factored into oil prices already, said Suvro Sarkar at DBS Bank.
influence the price of WTI Oil? decides to lower quotas, it can tighten supply, pushing up Oil prices. When
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