Saudi Arabia and other OPEC members are reportedly considering production increases | Forexlive

Saudi Arabia and other OPEC members are reportedly considering production increases of up to 500K BPD. This is according to the Wall Street Journal citing sources. The OPEC+ meeting on December 4.

Crude oil is moving lower on the headline and has traded to a low of $77.01 so far. The low price from last week reached $77.21 before bouncing back above the $80 level.

The cycle low from the 2022 high in March reached $76.23 back on September 26.

The 2021 end of year close was at $75.35. The high reached $129.42 back on March 8.