Oil: prices end in dispersed order, the OPEC + meeting expected

Oil seems to consolidate a little more, while the large monthly meeting of the Opep + group is expected Thursday, November 4. Tuesday, prices ended in dispersed order, but some operators on the market are now counting on a possible increase in production which would ultimately be more substantial than that expected until then. Barrel side of Brent North Sea, whose delivery is to be made in January, the equilibrium was reached (+ 0.01%) compared to Monday’s close in London, at 84.72 dollars. In New York, a barrel of West Texas Intermediate (WTI) for the month of December dropped 0.16% to 83.91 dollars.

For several days now, the market has been looking towards the monthly meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies of the OPEC + agreement on Thursday. Until now, operators have agreed on OPEC + to maintain the calendar, announced in July, for a measured increase in production, adding 400,000 barrels per day each month until September 2022. But “some now think that OPEC could go beyond “to relieve the market,” said James Williams of WTRG Economics.

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After a first salvo Sunday on the sidelines of the G20 in Rome, United States President Joe Biden once again sent a clear message to OPEC +, which has so far been unresponsive to pressure from the American government. “If you take a look at gasoline prices, at crude prices, it is the consequence of the refusal of Russia or the OPEC countries to extract more oil,” Joe Biden said on the sidelines on Tuesday. of COP26 on climate in Glasgow.

The average price of gasoline stabilized Tuesday in the United States after several weeks of progression, according to data from the AAA motorists association. However, it remains 60% above its level a year ago. In California, the price of a gallon of regular gasoline (3.78 liters) is only 6 cents off its all-time high of $ 4.67, set in October 2012.

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