Oil erases most of the losses from the previous session and achieves a strong increase... and the reason!

Crude oil prices jumped sharply during trading on Wednesday despite negative economic growth data in the United States - the world's largest consumer of crude - which failed to meet market expectations. This could increase pressure on crude oil trading today.

However, this did not happen; on the contrary, crude oil witnessed a sharp rise as market movements were supported on the supply side, following reports from Reuters indicating the possibility of OPEC+ members postponing planned production increases at the upcoming December meeting for a month or more.

In this context, it was planned to increase production from eight members of the oil alliance by 180,000 barrels per day starting in December; this decision was postponed for the first time at the October meeting amid the sharp decline in oil prices.

As a result, these developments have stirred market expectations for continued tightening of oil supply in global energy markets for longer than anticipated and for oil-producing countries to maintain voluntary production cuts, which bolstered the rise in oil prices during trading.

Despite the slowdown in U.S. economic growth according to preliminary data, the quarterly report showed strong consumer spending in the United States during the third quarter, with consumer spending rising by 3.7% from 2.8% in the second quarter, indicating some signs of strong consumer demand which could support an increase in U.S. economic growth in the final data.

Current Crude Oil Prices

In terms of current market trading, spot prices for Brent crude contracts rose by about 0.94% to $71.515 per barrel, while spot prices for West Texas Intermediate crude contracts increased by approximately 0.73% to $68.31 per barrel.