"OPEC's Deeper Cuts Drive Oil Prices Up"

Oil prices rose as expectations grew that OPEC+ will implement deeper production cuts. Brent crude reached $81.31 and West Texas Intermediate climbed to $76.49 per barrel. The group is set to meet on Sunday to discuss production policy, and there are indications that additional cuts will be considered. Higher-than-expected supply has reduced the projected deficit for the fourth quarter, leading some analysts to predict a return to surplus in the first quarter of 2024. The possibility of broader cuts by other OPEC+ members remains uncertain, but with oil prices down nearly 20% since September, the option is being considered.