Oil rises for a fourth day, buoyed by OPEC supply plans


Oil prices rose around 1 percent on Monday as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply toward year-end.

Brent crude oil futures were at $67.41 a barrel this morning, up 65 cents, or 1%, from their last close.

"Oil prices continued to recover ..."

The Organization of the Petroleum Exporting Countries (OPEC), de-facto led by Saudi Arabia, is pushing for the producer group and its allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply.

The market is less sure that a move is coming in December after Russian energy minister Novak said they need to watch the market in the weeks ahead before making any decisions. We'll see if it is right after the next OPEC meeting on December 6.

Despite Monday's gains, Brent is nearly 25 per cent below early October's 2018 peak of $86.74, as evidence of slowing demand has materialized and output from the United States, Russia and Saudi Arabia hit historic highs.

Prices of the barrel of the West Texas Intermediate have started the week on a negative fashion and have returned to the area below the $56.00 handle, or down almost 2% for the day.

"Ser segundo de Messi pudo influir para no ir al Barça" — Griezmann
Griezmann , que desveló su futuro en aquel famoso documental llamado 'La Decisión' , apuntó a Messi y al apoyo de sus compañeros.

A US decision to grant waivers to some of Iran's oil customers, who faced the prospect of a drop-off in supply from sanctions that came into force in early November, has also helped soothe concern about availability of crude.

Despite that, market sentiment remains weak on signs of a demand slowdown amid deep trade disputes between the world's two biggest economies, the United States and China.

Japanese refiner Fuji Oil is set to resume Iranian crude purchases after Japan received one of those waivers, industry sources familiar with the matter said.

Babin added that the biggest surprise among the confluence of factors contributing to the sudden bear market for crude was the us issuing waivers to countries such as China and India so that they can continue to buy oil from Iran.

Meanwhile, oil production in the United States is surging.

Collaborating with the downside pressure in prices, it is worth mentioning the noticeable build in U.S. crude oil supplies last week as reported by the EIA and the uptick in USA oil rig count according to the latest report by driller Baker Hughes.

The speculator group cut its combined futures and options positions on USA and Brent crude during the week ended November 13 to the lowest since June 27, 2017.