London — Oil rose further above $60 a barrel on Wednesday, supported by the expectation that Opec and its partners will next week decide to curb supply and helped by a drop in North Sea output. Opec plus Russia and other allies meet on December 6-7. Producers are discussing a supply curb of 1-million to 1.4-million barrels a day and possibly more, Opec delegates have said. Brent crude, the global benchmark, was up 53c at $60.74 a barrel at 9.19am GMT and traded as high as $61.27. US crude added 41c to $51.97. “Opec needs to cut if it wants the market to be a little less over-supplied in the first half of 2019,” said Olivier Jakob, analyst at Petromatrix, although he said the rally was limited. “We are not making significant moves.” Despite Wednesday’s rise, Brent has slumped 30% from a four-year high above $86 a barrel in early October, pressured by concerns that supply will exceed demand in 2019 as economic growth slows. The slump since October is so far on a par with the 2008 pric...
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