Crude Oil Prices Rise as OPEC+ Extends Output Cuts

11 minutes ago

Crude oil futures were up more than 2% this morning after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday extended their output cuts by one month.

Saudi Arabia and other members of OPEC+, which includes Russia, said they agreed to keep voluntary production cuts of around 2.2 million barrels per day for one month until the end of December. The output cut had already already been extended in September

It didn’t give a reason for the decision to delay unwinding its voluntary cuts, but oil prices have been weak this year despite escalating tensions in the Middle East, pressured by China’s downbeat economy.

Last month, OPEC reduced its outlook for oil demand for 2024 and 2025, citing data received so far this year.

"This delayed supply increase means that maybe the group are more willing to support prices than many believe," ING said in a note referring to reports that some OPEC+ members weren't complying with the output cuts. "However, our balance continues to show that the market will be in surplus through 2025 unless OPEC+ continues with cuts through next year."

–Nisha Gopalan

Sherwin-Williams Levels to Watch After News of Dow Inclusion

2 hr 1 min ago

Shares in paint maker Sherwin-Williams (SHW) were up nearly 5% ahead of the bell  following news late Friday that the company will be included in the Dow Jones Industrial Average.

The stock broke out above a cup and handle pattern in mid-August, but has recently retraced towards the initial breakout point, potentially leading to a retest of the pattern's upper trendline.

Investors should watch key support levels on Sherwin-Williams' chart around $348 and $283, while also monitoring a measured move bullish price target at $503.

Read the full technical analysis piece here.

–Timothy Smith

Major Index Futures Little Changed

2 hr 32 min ago

Futures tied to the Dow Jones Industrial Average were fractionally lower.

S&P 500 futures were up 0.1%.

Nasdaq 100 futures were down less than 0.1%.

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