LONDON—Oil rose on Thursday supported by investor wariness that OPEC+ may cut supply further at its meeting on Sunday and as easing COVID-19 curbs in China raised hopes about higher demand in the world’s top crude importer.
Crude gained further support, and the U.S. dollar weakened, after the Federal Reserve Chair opened the door to a slowdown in the pace of rate hikes. Dollar weakness makes oil cheaper for other currency holders and tends to support risk assets.
The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meets on Dec. 4. While some analysts say a further cut cannot be ruled out….