Oil rises slightly in choppy trade ahead of OPEC meeting

      Published on Wednesday, 4 December , 2019      749 Views     
Oil rises slightly in choppy trade ahead of OPEC meeting

  • Gulf News

Oil moved between gains and losses on Tuesday ahead of OPEC’s bi-annual meeting, which kicks off Thursday in Vienna.




Expectations of output cuts from OPEC and allied producers brought prices back up after they slid briefly following comments from U.S. President Donald Trump that a trade deal with China may be delayed.

U.S. West Texas Intermediate (WTI) crude futures rose 14 cents to settle at $56.10 a barrel, while Brent futures slid 5 cents to $60.87 a barrel.

Trump said a U.S.-China trade agreement might have to wait until after next November’s presidential election, denting hopes of a quick resolution to a dispute that has weighed on the world economy.

“I have no deadline, no,” Trump told reporters in London, where he was due to attend a meeting of NATO leaders. “In some ways, I like the idea of waiting until after the election for the China deal.”

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June, two sources familiar with the matter said.

Saudi Arabia is pushing the plan to deliver a positive surprise to the market before the initial public offering of state-owned Saudi Aramco, the sources said.

At the same time, a senior official at the International Energy Agency (IEA) said on Tuesday that OPEC producers are unlikely to agree to change their current deal on curbing output until the market outlook becomes clearer.



Russian Energy Minister Alexander Novak on Tuesday said he expected this week’s meeting to be constructive but added that Moscow had yet to finalize its position.

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Category Gulf News | 2019/12/04 latest update at 11:17 AM
Source : CNBC | Photocredit : Google
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