Saturday, 07 December, 2019

Oil prices surge ahead of OPEC production talks

Content image- Phnom Penh Post Iraq says OPEC & allies may extend oil output curb to 1.6 million bpd
Irene Mckinney | 05 December, 2019, 00:55

Brent crude oil hovered around $61 per barrel on Wednesday afternoon. The API said crude stocks dropped by 3.7 million barrels, more than double the expected 1.7 million barrels.

West Texas Intermediate, the benchmark USA crude, was trading at around $ 56 on Wednesday afternoon, and its price followed a similar course throughout the year. That came after US crude inventories were reported to have fallen and before the OPEC+ meeting later this week.

Oil has been rising since early October on optimism the US and China are close to an initial deal.

Goldman Sachs analysts said OPEC+ was likely to extend output curbs until June, but said three extra months would provide little support for prices, which they expect to trade around $60 in 2020.

However, Iraq's Ghadhban said to the reporters in Baghdad earlier on Sunday (December 1st) that the OEPC members alongside its allies were sketching out a plan to incline further output cut at their scheduled meet in Vienna on December 5th and 6th.

5 dead, 3 hospitalized after fire at Minneapolis high-rise
Broken windows and damage remain after a deadly fire at the high-rise apartment building Wednesday, Nov. 27, 2019, in Minneapolis. MPHA Interim Executive Dirctor Tracey Scott said fewer than nine households will be displaced due to the fire.

U.S. President Donald Trump on Tuesday said an agreement to end the trade conflict may have to be delayed until after the American presidential election next November.

But oil rose on Monday after factory activity in November in China, the world's biggest oil importer, increased for the first time in seven months because of rising domestic demand amid government stimulus measures. The global benchmark crude traded at a $4.88 premium to WTI for the same month.

Analysts surveyed by Bloomberg expect the U.S. Energy Information Administration - which will release data later Wednesday - to report a 1.5-million barrel decline in U.S. crude inventories, according to the median estimate. That would be the first drop in six weeks.

Concerns about the inability of the United States and China, the world's two biggest oil users, to reach a preliminary deal to resolve their 17-month trade dispute also weighed on oil prices, along with discouraging U.S. economic data.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russian Federation, known as OPEC+, are expected to at least extend existing output cuts to June 2020 when they meet this week. Commerce Secretary Wilbur Ross, speaking on CNBC television on Tuesday, said the USA will go ahead with its plan to add tariffs on Chinese products if nothing changes come mid-December. Off-topic, inappropriate or insulting comments will be removed.

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