{"id":48764,"date":"2024-12-04T21:54:57","date_gmt":"2024-12-04T21:54:57","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-up-over-middle-east-tension-opec-supply-plan"},"modified":"2024-12-04T22:06:23","modified_gmt":"2024-12-04T22:06:23","slug":"oil-up-over-middle-east-tension-opec-supply-plan","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-up-over-middle-east-tension-opec-supply-plan","title":{"rendered":"Oil up over Middle East tension, OPEC+ supply plan"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Oil prices edged higher on Wednesday over heightened Middle East tensions as Israel continued to attack Lebanon despite a cease-fire deal and the prospect of OPEC+ extending supply cuts.<\/p>\n

The international oil benchmark of Brent crude increased 0.23% to $73.71 per barrel at 10.53 a.m. local time (0753 GMT), up from the previous session’s close of $73.54.<\/p>\n

The US benchmark West Texas Intermediate also rose by 0.16% to $69.87 per barrel, compared to $69.76 at the close of the prior session.<\/p>\n

Tension heightened in the Middle East as the Israeli army continued to strike Lebanon despite a cease-fire agreement that came into effect on Nov. 27.<\/p>\n

Lebanese Prime Minister Najib Mikati said Tuesday that diplomatic contacts are underway to halt Israeli violations of the cease-fire and ensure Israel’s withdrawal from border towns.<\/p>\n

However, Israeli Defense Minister Israel Katz threatened to attack Lebanese state targets if a cease-fire deal with Lebanon collapses.<\/p>\n

The Organization of Petroleum Exporting Countries (OPEC) and its allies, known as the OPEC+, will decide their production policy for the early months of 2025 on Thursday. OPEC+ is expected to extend its supply cuts until the end of the upcoming first quarter.<\/p>\n

The group has been looking to phase out supply cuts through next year gradually. However, the prospect of a market surplus has pressured oil prices.<\/p>\n

Meanwhile, the American Petroleum Institute (API) reported late Tuesday that US commercial crude oil inventories increased by 1.23 million barrels, against market expectations of a 2.06 million barrel drop.<\/p>\n

The hike in crude reserves reflected market perceptions of weakening domestic demand in the world’s biggest oil consumer, limiting upward price movements.<\/p>\n

Official figures from the Energy Information Administration (EIA) are scheduled for later in the day.<\/p>\n

For More News And Analysis About Mauritius<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Oil prices edged higher on Wednesday over heightened Middle East tensions as Israel continued to attack Lebanon despite a cease-fire deal and the prospect of OPEC+ extending supply cuts. 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