Crude Oil Rose Amid Speculation That Opec+ Will Extend Supply Cuts.
Crude oil surged by 1.92%, settling at 6638, driven by market speculation surrounding the potential extension of supply cuts by OPEC+. The upcoming OPEC+ meeting in March is closely watched, and there is anticipation that producers will maintain voluntary production limits until at least the June Ministerial Meeting to stabilize the market. Tensions in the Middle East, including uncertainties in ceasefire talks between Israel and Hamas and ongoing Houthi attacks on Red Sea shipping, added a risk premium to oil prices.
