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Oil extends gains on expectations of further OPEC+ supply cuts

Oil futures edge higher on expectations of OPEC+ deepening supply cuts to shore up prices. Brent crude futures climb 0.8% to $81.27 a barrel, while US West Texas Intermediate crude rises 0.8% to $76.49 a barrel. OPEC+ is set to consider additional oil supply cuts when it meets on Nov. 26. Oil prices have dropped by almost 20% since late September, prompting Saudi Arabia to balance the desire to keep prices high with the knowledge that doing so will lead to a drop in market share. WTI prices may rise toward $80 a barrel if OPEC+ announces deeper cuts at its upcoming meeting.

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