Prospect that Opec might cut supply boosts oil price
Opec, led by Saudi Arabia, is pushing for the group and partners to reduce output by one-million to 1.4-million barrels per day to prevent a build-up
London — Oil rose for a fourth session in a row on Monday, buoyed by the prospect that top exporter Saudi Arabia will push Opec and maybe Russia to cut supply towards the end of 2018. Brent crude futures were up 24 US cents at $67.00 a barrel by 10am GMT, while US futures rose 38c to $56.84. "Oil prices continued to recover … [as] the market will be watching closely for the possible impact of a [supply] cut," said Sukrit Vijayakar, director of Indian energy consultancy Trifecta. Oil cartel Opec, led by Saudi Arabia, is pushing for the group and its partners to reduce output by one-million to 1.4-million barrels per day to prevent a build-up of unused fuel. "It appears that the market takes a production cut for granted. We’ll see if it is right after the next Opec meeting on December 6. It is not unreasonable to anticipate stable prices until then," PVM Oil Associates strategist Tamas Varga said. Russian Energy Minister Alexander Novak said on Monday that Russia, which is not an Opec...
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