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Surprise new cuts to the OPEC+ group's output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said.

The decision signals unity within OPEC+ despite Washington's pressure on its Gulf allies to weaken their ties with Moscow, while also undermining the West's efforts to limit

Opec logo displayed on a smart phone with Opec seen in the background, in this photo illustration. On 10 September 2023. In Brussels, Belgium. (Photo illustration by Jonathan Raa/NurPhoto via Getty Images) Meetings of the influential Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, have been rescheduled from Nov. 25-26 to Nov. 30, sending prices

U.S. crude prices fell more than 4% Wednesday after the Organization of Petroleum Exporting Countries delayed a pivotal meeting on production cuts that was scheduled for the weekend.

The West Texas Intermediate contract for January dropped $3.27, or 4.2%, to $74.50 a barrel, while the Brent contract for January fell $3.32, or 4.03%, to $79.13 a barrel.

OPEC said in a statement

0214 GMT — Oil prices are slightly higher in early Asian trading amid improved sentiment. The decision by OPEC+ to delay planned output increases by two months eases supply concerns, ANZ Research analysts say in a note. They say the decision isn’t surprising, as oil prices have been under tremendous pressure in recent months. Although the postponement lowers the chances of the oil market