2023-12-12 03:46:40
Price action
By 0337 GMT, Brent crude futures for February delivery rose 0.33 percent to $76.28 per barrel, while US West Texas Intermediate crude futures for January delivery rose 28 cents, equivalent to 0.38 percent, to $71.59 per barrel.
Both contracts settled slightly higher on Monday, with Brent crude rising 19 cents to $76.03 a barrel and West Texas Intermediate crude rising nine cents to $71.32.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have pledged to cut 2.2 million barrels per day in the first quarter of 2024.
But investors remain skeptical that overall supply will decline, as production growth in non-OPEC countries is expected to lead to excess supply next year.
“Growth in US shale oil activity remains surprising, while increases from other non-OPEC producers are unexpectedly large,” analysts from ANZ Research said in a note.
Brent crude prices fell above $80 per barrel at the beginning of December, while West Texas Intermediate crude fell from above $77 during the same time.
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