❗️OPEC+ Meeting and China's PMI Data Impact WTI Crude Oil Prices❗️
The Western Texas Intermediate (WTI) crude oil benchmark is experiencing a modest uptick, trading around $75.05 on Tuesday, supported by expectations that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will extend oil production cuts in their upcoming meeting on Thursday. Analysts predict a potential extension or deepening of production cuts into the next year, with Saudi Arabia and Russia considering additional cuts. This anticipation could limit the downside for WTI prices.
Moreover, China's NBS Purchasing Managers Index (PMI) data release on Thursday could influence WTI prices, with positive data potentially lifting prices, given China's significant role as a global oil consumer and producer. However, the International Energy Agency (IEA) warns of a slight surplus in crude oil production in 2024, even with OPEC+ cuts, citing strong production by non-OPEC nations like the US as a contributing factor to pricing pressure.
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