Oil fluctuates in anticipation of OPEC's decision+

Oil prices rose slightly on Tuesday, but remain in a narrow range amid traders' caution ahead of the OPEC+ meeting, which will be held on December 5. Brent futures rose 1.6% to $73 per barrel, while WTI rose 1.7% to $69.40.

According to OPEC+ sources, the meeting will discuss the extension of production cuts until the end of the first quarter of next year. Analysts believe that the need for an extension is related to compliance with cuts from Russia, Kazakhstan and Iraq, as well as low oil prices.

At the same time, experts believe that next year oil imports to China, which occupies a leading position among global buyers, may reach its peak. This is happening against the background of a decrease in demand for transport fuel, which exacerbates the existing gap between supply and demand.

Uncertainty over the US Federal Reserve's monetary policy is also holding back the rise in oil prices, despite positive data from China, where the purchasing managers' index reached a 7-month high in November.