OPEC+ meeting on December 1 could postpone production increases amid sluggish global demand and economic uncertainty.
WTI crude oil futures climbed above $70 per barrel, poised for their strongest week in two months, as geopolitical tensions elevated the risk premium in energy markets.
Traders are also closely monitoring the upcoming OPEC+ meeting on December 1, amid speculation that production increases may be further delayed due to sluggish global demand. Weak economic growth in China, a key importer, continues to weigh on consumption, adding complexity to supply dynamics.