Oil prices rose ahead of an OPEC+ meeting Thursday, as investors await producer group's next moves on supply cuts while also monitoring Mideast tensions.
Oil prices rose on Thursday ahead of an OPEC + meeting later in the day, with investors waiting to see what the producer group would do next on supply cuts while also monitoring tension in the Middle East .
"The OPEC+ decision may prompt a short-term reaction, but the oil market is likely to rise by year-end on expectations of a U.S. economic recovery under the Trump administration and ongoing Middle East tensions," he said.U.S. crude stocks fell more than expected last week as refiners ramped up operations, the Energy Information Administration said. Gasoline and distillate stockpiles rose by more than expected during the week.
In the Middle East, Lebanon's Hezbollah has been significantly degraded militarily by Israel, but the Iran-backed group will likely try to rebuild its stockpiles and forces and pose a long-term threat to the U.S. and its regional allies, four sources briefed on updated U.S. intelligence told Reuters.
Israel said on Tuesday it would return to war with Hezbollah if their truce collapses and that its attacks would go deeper into Lebanon and target the state itself. Meanwhile, Donald Trump's Middle East envoy has travelled to Qatar and Israel to kickstart the U.S. president-elect's diplomatic push to help reach a Gaza ceasefire and hostage release deal before he takes office on Jan. 20, a source briefed on the talks told Reuters.
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