OPEC "+" led by Russia was moving closer to agreeing one of the deepest output cuts this decade to support crude prices and prevent an oversupply, sources from OPEC and its allied producers said in Vienna. WTI Crude is $58.61; Brent is $63.45.
OPEC and its allies, a group meet on Thursday and Friday, already have a deal that runs to March to cut 1.2 million barrels per day (bpd), or about 1.2% of global demand. Sources say that OPEC+ will discuss policy beyond March at the Vienna meeting, is now considering deepening the cuts by at least 400,000 bpd more. WTI Crude is $55.63; Brent is $60.81 this morning.
Iraq’s Oil Minister told reporters on Sunday there could be an additional cut of about 400,000 barrels a day. A gauge of China’s manufacturing sector jumped unexpectedly in November, suggesting a recovery in activity. WTI Crude is $56.26; Brent is $61.90 this morning.
Crude has been rising since early October on the thaw in trade hostilities between the world’s two largest economies, although investors are becoming increasingly fatigued over how long the negotiations are taking. WTI Crude is $58.12; Brent is $63.77 this morning.
On Friday, U.S. President Donald Trump and Chinese President Xi Jinping expressed a desire to sign an initial trade deal and defuse a 16-month tariff war that has lowered global growth. WTI Crude is $57.64; Brent is $63.19 this morning.
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