Business Oil rises for a second day as Saudi Arabia...

Oil rises for a second day as Saudi Arabia pushes supply cut

-

- Advertisment -

FILE PHOTO: Oil pump jacks at sunset near Midland, Texas, U.S., August 21, 2019. REUTERS/Jessica Lutz

TOKYO (Reuters) – Oil prices rose for a second day on Tuesday as Saudi Arabia, the de facto OPEC leader and the world’s biggest oil exporter, is pushing producers to deepen a supply cut agreement when suppliers meet this week, potentially lowering supply in 2020.

Brent futures LCOv1 rose 19 cents, or 0.3%, to $61.11 a barrel by 0218 GMT, after gaining 0.7% on Monday.

U.S. West Texas Intermediate crude CLc1 was up by 21 cents, or 0.4%, at $56.17 a barrel. The contract rose 1.4% on Monday.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are discussing a plan to increase its existing 1.2 million barrels per day (bpd) supply cut by 400,000 bpd and extend the pact until June, two sources familiar with the matter said.

Saudi Arabia is pushing the plan to deliver a positive surprise to the market before the listing of state-owned Saudi Aramco, the sources said.

OPEC ministers will meet in Vienna on Thursday and the wider OPEC+ group will gather on Friday.

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

A senior adviser to President Donald Trump said on Monday a U.S.-China trade deal was still possible before the end of the year, adding that the first phase of the agreement was being put to paper, but the talks have been dragging on for weeks now.

U.S. factory activity contracted in November, while Trump’s unexpected announcement of plans to reimpose tariffs on steel and aluminum from Argentina and Brazil is also a dampener on prices.

Reporting by Aaron Sheldrick; Editing by Christian Schmollinger

Reuters: Continue reading…

Latest news

Fans react to Billy Magnussen Aladdin spinoff after Mena Massoud news

Welcome! Meredith collects data to deliver the best content, services, and personalized digital ads. We partner with third party advertisers, who may use tracking technologies to collect information about your activity on sites and applications across devices, both on our sites and across the Internet. You always have the choice to experience our sites without…

Ron Leibman dead: Friends, Angels in America actor dies at 82

Welcome! Meredith collects data to deliver the best content, services, and personalized digital ads. We partner with third party advertisers, who may use tracking technologies to collect information about your activity on sites and applications across devices, both on our sites and across the Internet. You always have the choice to experience our sites without…

Caitlyn Jenner enjoys beach stroll with partner Sophia Hutchins following I’m A Celebrity exit

Caitlyn Jenner, 70, nails off-duty chic as she enjoys beach stroll with abs-flashing partner Sophia Hutchins, 23, in Australia following her lonely I'm A Celebrity exitBy Jabeen Waheed For Mailonline Published: 15:41 GMT, 7 December 2019 | Updated: 16:36 GMT, 7 December 2019 Caitlyn Jenner was seen enjoying a low-key stroll with her partner Sophie…

ARMY Trends #BTSxJingleBall for BTS’s Jingle Ball Performance

On Dec. 6, BTS performed at iHeartRadio’s KIIS Jingle Ball. The Korean band opened the show with three songs with some of the loudest cheers of the night. On Twitter, ARMY trended #BTSxJingleBall worldwide to celebrate the group’s performance. BTS | Kevin Winter/Getty Images for iHeartMediaBTS opened KIIS Jingle Ball At KIIS Jingle Ball, BTS…
- Advertisement -

Fans react to Billy Magnussen Aladdin spinoff after Mena Massoud news

Welcome! Meredith collects data to deliver the best content, services, and personalized digital ads. We partner with third party advertisers, who may use tracking technologies to collect information about your activity on sites and applications across devices, both on our sites and across the Internet. You always have the choice to experience our sites without…

Ron Leibman dead: Friends, Angels in America actor dies at 82

Welcome! Meredith collects data to deliver the best content, services, and personalized digital ads. We partner with third party advertisers, who may use tracking technologies to collect information about your activity on sites and applications across devices, both on our sites and across the Internet. You always have the choice to experience our sites without…

Must read

- Advertisement -

You might also likeRELATED
Recommended to you