Oil rises amid expectations of OPEC output cuts

Oil prices rose about 1 percent on Monday on expectations that Saudi Arabia, the biggest oil exporter, would push OPEC, along with Russia, to reduce supplies by the end of the year.

Brent crude futures were $ 67.41 a barrel at 0746 GMT, up 65 cents, or 1 percent, from their last close.

West Texas Intermediate (WTI) futures rose 76 cents, or 1.4 percent, to $ 57.22 a barrel.

"Oil prices are continuing to recover as the market will closely monitor the potential impact of the supply reduction," Sukrit Vijayakar, India's energy consulting director at Trifecta, said.
The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, is pushing the producer group and its allies to cut production from 1 million to 1.4 million barrels a day to cope with slowing demand growth and preventing supply increases.

Russian Energy Minister Alexander Novak said on Monday that Russia, which is not a member of OPEC, is planning to sign a partnership agreement with the group and will discuss those details at the OPEC meeting scheduled for Dec. 6 in Vienna.

Despite gains on Monday, crude oil prices remain almost below the last quarter of their peaks in early October, affected by rising supply and slowing demand growth.

This comes in part after Washington gave Iran's main oil customers, most of them in Asia, unexpectedly large exemptions from sanctions imposed on Tehran in November.

Japanese oil company Fuji Oil will resume crude oil purchases after Japan received one of the concessions, industry sources said.

Japan had stopped importing all Iranian oil purchases before obtaining the exemption in early November.

Nevertheless, markets remained cautious amid deepening trade disputes between the world's two largest economies, the United States and China, after the pair failed to find a solution to their APEC problem at the end of last week.

The US comments from APEC "indicate that an agreement between President Trump and President Shi will not likely see the light when leaders meet at the G20 summit later this year," said Hussein Sayed, chief market strategist at FXTM Futures Brokerage. the month".
As mentioned in site trading-secrets and news agencies