Oil prices turn to rise thanks to rumors of OPEC+ production cuts


Oil prices rallied on Monday (November 28), recovering from a drop to this year’s low, as rumors of OPEC+ production cuts offset concerns about protests across the country. Streets protesting the strict Covid-19 blockade orders in China, the world’s largest crude oil importer.

Closing the session on Monday, the WTI oil contract advanced $ 1.05 (equivalent to 1.38%) to $ 77.33 / barrel, after touching the lowest since December 22, 2021 at 73.60 USD / barrel.

Meanwhile, the Brent oil contract fell 23 cents (or 0.28%) to $83.40 a barrel, having fallen more than 3% to $80.61 a barrel earlier in the session, its lowest level since January 4, 2022.

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