Oil prices traded slightly higher on Monday, November 15, despite a morning dip, as Brent ticked up 0.02% to $81.43/bbl, while WTI advanced 0.13% to $79.84/bbl.
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At the oil and gas forum in Abu Dhabi, UAE Energy Minister Suhail al-Mazrouei said that OPEC+ has decided collectively not to raise output under pressure from some importers (while noting that the UAE considers the United States an ally and listens to their opinion). The minister's opinion was supported by the oil ministers of Kuwait and Algeria who spoke at the forum, and this confidence on the part of OPEC+ countries lent support to oil prices.
This morning, oil prices turned higher, with Brent up 1.12% at $82.97/bbl, and WTI trading 0.91% higher at $81.62/bbl by the time of writing. Our Brent price forecast for today is in the range of $81-83/bbl.
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