In mid-morning trading today, WTI futures were up 3.5% at $80.90/bbl, Brent was up 2.8% at $85.37/bbl, and U.S. natural gas was down 0.7% at $7.28/MMBtu.
OPEC+ will likely decide to keep output levels flat at its meeting this Sunday, according to some delegates. In contrast, Goldman Sachs predicts the consortium will cut output targets and that crude will reach $110/bbl next year.
U.S. crude stocks fell by a larger-than-expected 7.85 million barrels last week. Government data is due today, according to the American Petroleum Institute.
The U.S. government will back mortgages of over $1 million in expensive parts of the country, boosting last year’s price ceiling to keep up with higher home prices.
Americans spent an average of $325 on holiday purchases over Thanksgiving break, up 8% from 2021, while a record 196.7 million shoppers made their purchases either online or in-store, according to the National Retail Federation.
The Canadian economy expanded 0.7% from the second to third quarter, the fifth straight quarter of growth.
Cash-strapped governments across much of the developing world are cutting spending and freezing investments due to a wave of higher borrowing rates spurred by the U.S. Federal Reserve’s battle with inflation.
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