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Oil prices jumped in the international market on Friday, after OPEC approved the 50% increase in production cuts in early 2020. Brent futures LCOc1 jumped to $63.40 per barrel. US WTI futures CLc1 were priced at $58.45 a barrel. OPEC and allies have come to an agreement over more output cuts to prevent the oversupply early next year. The agreement will decrease 500,000 bpd of production.
According to the sources, OPEC and its allies were close to agreeing on one of the deepest output cuts of the decade. The group might increase the current cuts of 1.2 million barrels per day by more than 400,000 bpd. Saudi's Energy Minister has commented that he "feels good" about this week's meeting. Since 2017, OPEC+ has been curbing the output in order to balance the increasing output from US.
The international market was a bit quiet on Thursday ahead of the start of OPEC meetings later in the day. The oil prices went steady as the day progressed because of the substantial drop in the U.S. crude inventories. Brent decreased by 0.2% and was traded at $62.90 a barrel. WTI fell by 0.4% and was traded at $58.21 a barrel.
On Wednesday, oil prices buoyed ahead of the OPEC meeting. Larger than expected decline in US stockpiles also helped the market revive its growth. Brent went up by 0.6% and was traded at $61.17 a barrel. WTI increased by 0.6% and was traded at $56.41 a barrel. Amidst all the scepticism, the industry believes that OPEC with its allies might agree on deeper output cuts during the next meeting.
Oil prices jumped on Tuesday, as OPEC de facto leader, Saudi Arabia pushed the cartel to deepen a supply cut agreement. Brent crude futures rose 0.3%, to $61.11 per barrel. U.S. WTI crude was priced 0.4% higher, at $56.17 a barrel. Sources familiar with the discussions said that the cartel is aiming to increase its existing supply cut by 400,000 bpd and prolong the pact until June.
With the growth in the manufacturing activity of China, the market hopes that the fuel demand will see a significant increase in the immediate future. Owing to optimism, oil prices edged up on Monday. Brent went up by 1.2% and was traded at $61.23 a barrel. WTI increased by 1.6% and was traded at $56.03 a barrel.
Oil prices held ground in the international market on Friday, amidst quiet trade during Thanksgiving holiday in the US. Benchmark Brent crude was priced at $63.82 a barrel. WTI crude futures CLc1 rose to $58.12 a barrel. Investors are keeping a close look on the OPEC+ meeting scheduled for the next week. The cartel has until now withheld output to boost the prices.
Oil prices climbed up on the back of hopes from next OPEC meeting to curb the supply. A statement from White House mentioning that they are 'getting close' to the deal with Beijing also supported the market. WTI increased by 0.5% and was traded at $57.05 a barrel. Brent went up by 0.5% and was traded at $62.56 a barrel.
Oil prices slipped in the international market on Wednesday, as US inventory data revealed larger-than-expected build up in crude stockpiles. Benchmark Brent crude futures dropped 0.6%, to $62.60 a barrel. US WTI crude futures CLc1 slipped to 0.5%, to $56.94 per barrel. API data released yesterday showed a rise of 4.3 million barrels in the U.S. crude inventories last week.
Oil prices slipped on Monday, as investors remained cautious ahead of fresh European and U.S. economic data, despite hopes linger for some resolution to the U.S.-China trade war. Brent crude futures LCOc1 dropped to $55.94 a barrel. US WTI crude futures CLc1 for December delivery dipped to $61.42 a barrel. The European Union and the United States will be releasing manufacturing data today.
Oil prices slipped on Wednesday after API data showed a surprise build in crude stockpiles. Brent crude futures LCOc1 dropped 0.52%, to $59.39 a barrel. US WTI crude futures CLc1 for December delivery dipped 0.79%, to $54.05 per barrel. While analysts were expecting a gain of 2.2 million barrels in U.S. crude stocks, API data showed a rise of 4.5 million barrels ramping stockpiles to 437 million barrels.
Oil cartel OPEC has dropped hints on deeper supply cuts in future. International market extended gains over this news and showed optimism over talks between US and China to end trade war. Brent increased by 0.4% and was traded at $59.34 a barrel. WTI went up by 0.37% and was traded at $53.74 per barrel.
In a major shock to OPEC, one of its smallest members, Ecuador yesterday said that it will leave the oil cartel effective from Jan. 1, citing fiscal problems. Ecuador is looking to boost crude production to extract more income and has broken the output quota fixed by the cartel on multiple occasions. The South American country struggling with tight liquidity due to a wide fiscal deficit and immense foreign debt.
Oil prices jumped in the international market today, as global oil production fell in the third quarter. Brent crude futures LCOc2 climbed 0.7% to $59.69 a barrel. US West Texas Intermediate crude CLc1 rose 0.7%, to $54.46 a barrel. A Reuters survey showed a fall of 750,000 bpd in OPEC’s September output to 28.9 million bpd. Production at the United States and Russia also dipped in July and September, respectively.
Oil prices continued its journey uphill over the hope that OPEC might extend the production cuts. Brent increased by 0.7% and was traded at $63.01 a barrel. WTI went up by 0.8% and was traded at $58.31 a barrel. OPEC and OPEC+ countries will have a meeting this week in Abu Dhabi. And the market “is stirring up hopes for additional supply cuts”.
Oil prices rose in the international market on Monday, buoyed up by comments from a Saudi official implying no change in Saudi Arabia’s OPEC policy under the new energy minister for the country. International benchmark Brent LCOc1 was priced at $61.61 a barrel. U.S. West Texas Intermediate climbed 0.3%, to $56.72 a barrel. Prince Abdulaziz bin Salman took charge as the energy minister for Saudi Arabia on Sunday.
The ongoing US-China trade has affected the international market. On Tuesday, the market had mixed response with not so strong South Korean data adding to the concern. Further OPEC's output increased for the first time after the announcement of supply cut by the cartel. WTI was down by 0.4% and was traded at $54.89 a barrel. Brent, on the other hand went up, at $58.71 a barrel.
OPEC's secretary-general, Mohammed Barkindo, has referred to the climate change campaigners as "perhaps the greatest threat to our industry going forward". Barkindo was seemingly referring to the ongoing school strikes inspired by Swedish teenager Greta Thunberg's "Fridays for Future" movement. Barkindo continued to say, "Civil society is being misled to believe oil is the cause of climate change".