Oil prices rise after OPEC+ extends production cuts; Gaza ceasefire in focus
Investing.com-- Oil prices rose in Asian trade on Monday after the OPEC+ extended its current run of production cuts into 2025, although speculation over a ceasefire in Gaza kept gains limited.
Specifically, the cartel will maintain 3.6 million bpd of cuts until end-2024, while 2.2 million bpd of cuts will be phased out between October 2024 and September 2025. The plan includes a six-week ceasefire and will see Israeli forces retreat from Gaza, while Hamas will release Israeli hostages in exchange for hundreds of Palestinian prisoners. The proposal also opened the door for more aid into Gaza, and called for renewed negotiations between Israel and Hamas over a permanent ceasefire.
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