Read more about the oil cartel and how it works here:Īustralia's total credit card debt attracting interest charges grew by $129 million in the month of October, the first increase since May. "Oil markets may have been oversold," which could mean the recovery is a "short-term rebound," said Tina Teng, a markets analyst with CMC Markets, in a note. This week the price of oil sunk to its lowest level since early-July before regaining some ground on Thursday. In an interview with Bloomberg earlier this week, the Saudi energy minister said that the group could extend the cuts further into 2024 if needed.īut investors skepticism about the cuts has weighed on sentiment and sent oil prices had plummeting after the meeting. ![]() OPEC+ has agreed to less than 1 million barrels per day of new cuts in 2024, with most of them voluntary. The meeting came just a few days after the members of the Organization of Petroleum Exporting Countries (OPEC) announced new voluntary production cuts for 2024. Russian President Vladimir Putin met with Saudi Crown Prince Mohammed bin Salman this week, with the two countries leading the oil cartel in cutting supply to support crude prices. Vladimir Putin and Mohammed bin Salman shake hands (Reuters: Pavel Golovkin)īrent crude was up 0.2 per cent at $77.33 a barrel, while the West Texas Intermediate price was 0.1 percent higher at $72.34 a barrel.īut energy stocks have been among the worst performing sector on the ASX so far Thursday. ![]() Oil prices reclaimed some ground on Thursday after closing at their lowest level since July, but the rebound may be short-lived according to some analysts.
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