Crude oil prices are experiencing upward pressure as market participants anticipate the outcome of the OPEC+ meeting scheduled for December 6, 2024. The meeting is expected to address the potential delay of a planned increase in oil production, marking the third such postponement. This delay is largely anticipated by the market, as indicated by recent reports suggesting a three-month extension. Additionally, Russia's seaborne crude exports have surged, with a notable increase of 570,000 barrels per day in the week leading up to December 1, 2024. This rise in exports comes amid ongoing geopolitical tensions and the strategic maneuvering of oil supply by OPEC+ members.
The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) is down 2.96% in pre-market hours on Tuesday, December 3, falling to $18.00 as of 9:03 AM ET.