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Oil Rebounds as Iraq Signals Deeper Cuts Ahead of OPEC+ Meeting


Monday, 2 December 2019 14:19 WIB

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Oil rebounded from the biggest weekly loss since October as Iraq signaled OPEC+ will consider deeper output cuts at its meeting this week, contrary to expectations, and China’s economy showed signs of improvement.

Futures surged as much as 1.9% in New York after plunging 5.1% on Friday amid indications OPEC+ won’t make steeper supply reductions. However, Iraq’s Oil Minister Thamir Ghadhan told reporters on Sunday there could be an additional cut of about 400,000 barrels a day. A gauge of China’s manufacturing sector jumped unexpectedly in November, suggesting a recovery in activity.

Oil capped a second monthly gain in November on signs Beijing and Washington are close to an initial trade deal, even after the U.S. passed legislation expressing support for Hong Kong protesters. Saudi Arabia will probably indicate to the the Organization of Petroleum Exporting Countries and its allies at the meeting in Vienna that it’s no longer willing to compensate for other members’ non-compliance, according to people familiar.

West Texas Intermediate for January delivery rose 80 cents to $55.97 a barrel on the New York Mercantile Exchange as of 7:07 a.m. London time. Prices closed at $55.17 on Friday. There was no settlement Thursday due to the holiday in the U.S. and all transactions were booked on Friday.

Brent for February settlement advanced 77 cents, or 1.2%, to $61.19 a barrel on London’s ICE Futures Europe Exchange. The January contract expired Friday after dropping 2.3%. The global benchmark crude traded at a $5.27 premium to WTI for the same month.

Source : Bloomberg


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