During the Asian early trading session, Brent crude oil futures prices saw a slight increase due to the ceasefire agreement between Israel and Hezbollah.

As of 12:00 PM Beijing time, the Brent crude oil January contract price is $72.93 per barrel, up 12 cents from the November 26 settlement price, which was down 20 cents from the previous trading day.

The WTI crude oil January contract price is $68.85 per barrel, up 8 cents from the November 26 settlement price, which was down 17 cents from the previous trading day.

The Israeli government has agreed to a ceasefire deal with the militant group Hezbollah in Lebanon.

This will pause Israel's military offensive that began in southern Lebanon in mid-September. Previously, since October 2023, Hezbollah had conducted nearly a year of cross-border retaliatory attacks in support of Hamas and the Palestinians in Gaza.

Netanyahu stated that the ceasefire will allow Israel to refresh and update its military.

The Lebanese Foreign Minister stated that the ceasefire may last for 60 days, during which the Lebanese Armed Forces and the UNIFIL peacekeeping mission will control the area south of the Litani River, located along the Lebanon-Israel border, ending Hezbollah's armed presence there.

Insiders say that OPEC+ member countries may continue to delay their plans to increase crude oil production.

Comments from these trading companies come just days before the OPEC+ alliance is scheduled to hold a ministerial meeting on December 1 to determine next year's production policy. The primary agenda item is whether the eight members will begin to restore the 2.2 million barrels per day 'voluntary' cuts over a 12-month period starting in January—three months later than originally planned.

The Canadian Association of Petroleum Producers stated that U.S. President-elect Donald Trump plans to impose tariffs on goods imported from Canada, which will raise gasoline prices in the U.S.

(The above content comes from the latest insights of independent international energy and commodity price assessment agency Argus)

Article forwarded from: Jin Ten Data