Oil falls as traders weigh the prospects for Saudi-led production cuts

Oil prices are traded lower Monday after the record has fallen in each of the last six weeks when traders doubted that major producers due to meeting early next month will decide on significant production reductions to avert an expected global commodity supply.

"There is a growing sense that the markets return to a more neutral thanks," says analyst at Oanda, Stephen Innes. However, the market's bullish radar remains on OPEC plus to deliver a significant cut number with a start time that is fixed before aggressively jumping back into the fire, he said.

Nevertheless, a general perception of overuse, including the latest US data, has depressed prices, which were nearly four years high as recently as in early October before a battle in a bear market.

December West Texas Intermediate Crude

CLZ8, -0.27%

throw 70 cents, or 1.2%, at $ 55.76 per barrel on the New York Mercantile Exchange. The December contract expires on Monday's decision. January WTI raw

CLF9, -0.28%

which will be the contract last month, traded at $ 55.94, down 74 cents, or 1.3%.

As the organization of the petroleum exporting countries "continues to assess the idea of ​​further cuts to stop the oil's last slide, Russia has proven less supportive and potentially puts greater strain on Saudi Arabia for any coordinated action," said Robbie Fraser, a global trade analyst at the Schneider Electric.

"Saudi Arabia's decision to restrict supply or not is also restricted by geopolitics, as the tension with countries, including the United States, remains elevated after the murder of journalist Jamal Khashoggi, he said in a note.

See: Trump says he has no reason to listen to the loss of Khashoggi's death

WTI prices were down 6.2% last week. A refund for WTI during the week gave the benchmark to stop what had been a record 12-rise decline, which took it as low as a $ 55.69 at Nymex at one point. It was the lowest closing price for a contract last month since November 16, 2017, according to Dow Jones Market Data.

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And: 5 reasons oil prices are in a historical backspace [19659002] Global benchmark January Brent

LCOF9, -0.70%

fell $ 1.02, or 1.5%, to $ 65.74 per barrel on Monday. Its close to $ 65.47 per barrel on ICE Futures Europe at some point last week meant that it officially joined its American counterpart in a bear market, defined as at least 20% withdrawal from a recent high. The contract recorded a 4.9% retreat last week.

Read: If you believe that oil stocks are oversold, read this

Evidence of weakening global economic growth and the Trump Administration's decision to grant dispensations to major buyers of Iranian crude oil after the decision of sanctions had driven sell press. Sanctions were expected to keep most Iranian oil out of the market.

At the same time, the United States, Russia and Saudi Arabia pumps all leading manufacturers, record-level commodities, which causes global supply to expand significantly, and a monthly update from the International Energy Agency showed last week.

However, the price decline has led OPEC and its allies, including Russia, to signal earlier this month that they could conclude a joint decline in production. Such a move would come only months after the group decided to increase production after more than a year of holding back production. The extended group will meet on 6 December.

Read: Saudis to Capitulate on Oil as US Stocks Wave Analysts

Meanwhile, December Natural Gas

NGZ18, + 5.97%

added 4.8% to $ 4.475 million million British thermal units. Natural gas futures ended last week 14.9% higher, by decision midweek at highest for over four years.

December gasoline

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