Oil Prices Slightly Increase as Market Considers Deeper OPEC+ Output Cuts

According to Yahoo News, oil prices experienced a slight increase after a series of losses, as the market considers the possibility of deeper output cuts from OPEC+ while also taking into account signs that supply is outpacing demand. West Texas Intermediate (WTI) traded near $75 a barrel, while the global benchmark Brent was close to $80. WTI briefly rose on Monday following reports that Saudi Arabia, a key member of the alliance, is asking other members to reduce their production quotas before closing down 0.9%. A Bloomberg survey of traders and analysts conducted late last week revealed that around half expect OPEC+ to implement additional measures to tighten the market. Crude oil prices have fallen by approximately a fifth since late September due to abundant supplies and concerns about the global economic backdrop, increasing pressure on the 23-nation alliance to intervene at its meeting on Thursday. The International Energy Agency warned earlier this month that markets would move back into surplus next year amid a dramatic slowdown in demand growth. In other news, a storm in the Black Sea has halted the loading of commodities, including crude oil, from key ports in Russia and Ukraine. The storm is expected to last for most of this week, according to Russia's oil-pipeline operator Transneft PJSC.