Crude gained further support after the Federal Reserve chair opened the door to a slowdown in the pace of rate hikes
London — Oil rose on Thursday supported by investor wariness that Opec+ may cut supply further at its meeting on Sunday and as easing Covid curbs in China raised the hope of higher demand in the world’s top crude importer.
Oil cartel Opec and allies including Russia, known as Opec+, meets on December 4. While sources said on Wednesday a policy change was unlikely, some analysts say a further cut cannot be ruled out. Brent crude was up 44c, or 0.5%, to $87.41 a barrel by 9.18am GMT, while US West Texas Intermediate crude futures added 55c, or 0.7%, to $81.10.
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