Oil firms on supply cut talks but is still set for its sixth weekly loss
Opec could cut supply by 1.4-million bpd to prevent a glut, but Russia isn’t on board yet, US oil output hits another high
London — Oil rose on Friday on hopes that supply cuts will be agreed at oil cartel Opec’s meeting on December 6, but failed to recoup recent losses on over-supply concerns that have shaved more than a fifth off the Brent crude benchmark since early October. Brent was up 85c at $67.47 a barrel by 9.29am GMT. It has been recovering for three sessions since hitting an eight-month low on Tuesday but is still on course for a weekly loss of about 4%. US West Texas Intermediate (WTI) futures rose 55c to $57.01 a barrel after their steepest one-day loss in more than three years on Tuesday. With WTI set for a weekly loss of about 5.3%, both benchmarks are poised to chalk up their sixth consecutive weekly drop. “The trend is down — stick with it,” PVM technical analyst Robin Bieber said. Prices were mainly supported by expectations that Opec would start withholding supply soon, fearing a repeat of the 2014 price rout. Some analysts said an extended rally is possible with support from US sanct...
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