Slight Surge in Brent, WTI Prices
Oil prices rose by around 1% on Monday amid expectations that top exporter Saudi Arabia will push producer club OPEC as well as perhaps Russia to cut supply toward the yearend.
Front-month Brent crude oil futures were at $67.41 per barrel, up 65 cents, or 1%, from their last close. WTI crude, were up 76 cents, or 1.4%, at $57.22 per barrel, CNBC reported.
“Oil prices continued to recover...(as) the market will be watching closely for the possible impact of a supply cut.” said Sukrit Vijayakar, director of Indian energy consultancy Trifecta.
OPEC, de facto led by Saudi Arabia, is pushing for the producer group and allies to cut 1 million to 1.4 million barrels per day of supply to adjust for a slowdown in demand growth and prevent oversupply.
Russian Energy Minister Alexander Novak said Monday that Russia, which is not an OPEC member, was planning to sign a partnership agreement with the group, and that details would be discussed at OPEC’s Dec. 6 meeting in Vienna.
Despite Monday’s gains, crude prices remain almost a quarter below their recent peaks in early October, weighed down by surging supply and a slowdown in demand growth.
This comes in part after Washington granted Iran’s major oil customers, mostly in Asia, unexpectedly broad exemptions to sanctions it re-imposed on Tehran in November.
source: Financial Tribune
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