Brent Rises After OPEC, Non-OPEC Deal to Cut Supplies From January
Brent crude oil futures rose on Monday after OPEC and some non-affiliated suppliers last Friday agreed to a supply cut from January.
Despite this, the price outlook for next year remains muted on the back of an economic slowdown, CNBC reported.
International Brent crude oil futures were at $62.03 per barrel, up 36 cents, or 0.6%, from their last close.
Prices surged after the Organization of the Petroleum Exporting Countries and some non-OPEC producers including heavyweight Russia on Friday said they would cut oil supply by 1.2 million barrels per day, with an 800,000-bpd reduction planned by OPEC members and 400,000 bpd by countries not affiliated to the group.
The shutdown of the 315,000-bpd El Sharara oilfield in Libya also helped push up Brent, traders said.
US West Texas Intermediate crude futures were weaker, however, dropping 10 cents from their last settlement to $52.51 per barrel, weighed down by surging US output as the booming American oil industry is not taking part in the announced cuts.
“The surge in US supply in recent months should be a reason for caution,” Bank of America Merrill Lynch said in a note on Monday.
The OPEC-led supply curbs will be made from January, measured against October 2018 output levels.
source: Financial Tribune
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