CRUDE IN SIGHT

Crude drifts lower early Tue s geopolitical risk premium retreats - Dec. 3, 2024

  • Crude futures were drifting lower early Tuesday in Asia, once again along the path of least resistance.
  • The freshly-erupted internal war in Syria continued to fester on Monday, while Israel and the Hezbollah militants exchanged attacks in violation of their ceasefire. But the crude complex shrugged both situations off, as neither was seen as a potential risk to oil supply.
  • The eight OPEC/non-OPEC members collectively cutting output by 2.2 million b/d are likely to agree to extend the curbs through the first quarter of 2025 at their meeting on Thursday, according to a Reuters report.

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