According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.
Crude moderately rebounds in Asia
On Thursday, crude prices rebounded modestly in Asia because markets are waiting for full details of a widely anticipated extension of OPEC-led output curbs.
In New York, January delivery crude futures tacked on 0.21% being worth $57.42 a barrel. Meanwhile, in London, Brent futures added 0.32% reaching $62.73 a barrel.
OPEC along with key ally Russia is going to extend output curbs for up to nine months. Nevertheless, they’re on the verge of reviewing the deal in June of 2018 based on market conditions.
On Wednesday, six ministers from OPEC as well as non-OPEC crude producers including Russia and Saudi Arabia met in Vienna and made up their mind to extend the crude output curbs of 1.8 million barrels a day to the end of next year. They also discussed other related matters without providing further details.
Overnight, oil settled lower after data disclosing crude stockpiles dived for the second straight week didn’t manage to compensate a sudden build in product inventories ahead of the OPEC gathering.
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The Reserve bank of New Zealand will release the monetary policy statement and its interest rate at 3:00 MT on November 13.
A calm trading session with the US-China trade updates in focus