Oil rises for sixth week with Opec+ supply meet in focus

Oil rises for sixth week with Opec+ supply meet in focus

Bloomberg

Oil rises in tandem with equity markets while traders turned their attention to an upcoming Opec+ meeting that may yield supply increases. Futures in New York rise 1.1%. US benchmark crude posted a sixth straight weekly gain, the longest streak of weekly advances since early July. Buzz continued around whether on Monday Opec will decide to increase output after reviving its production by 360,000 barrels a day in September, according to a Bloomberg survey. Last month’s output is lower than the threshold that markets are expecting Opec to increase their production to, and a lot of countries in Opec do not have the capability to increase production by very much, according to Bob Yawger, director of the futures division at Mizuho Securities USA. But that hasn’t stopped markets from pricing in the possibility that Opec will go “above and beyond” in output. Investors are also focusing on demand after China ordered its state-owned companies to secure energy supplies for winter at all costs as the country struggles with a deepening power crisis. The order from Beijing is the latest sign that rising energy prices are becoming a political issues, after the White House said crude’s rally was a concern. “Oil