Oil rises on the expectation of an Opec cut
Brent edges higher ahead of a producers’ meeting , but swelling US supply keeps a cap on prices
Singapore — Oil prices firmed on Friday on the expectation that Opec and Russia will agree some form of production cuts next week, although swelling US supplies kept markets in check. International Brent crude oil futures were at $59.81 a barrel at 3.47am GMT, up 30c, or 0.5%, from their last close. US West Texas Intermediate (WTI) crude futures were up 20c, or 0.4%, at $51.65 a barrel. Despite the firmer prices, crude oil has lost almost a third in value since early October because of an emerging supply glut following a global surge in production, including from the US, Russia and by the Middle East-dominated Opec. To rein in the glut, Opec and its main partner Russia are moving closer to an agreement around further production cuts. ANZ bank said on Friday that oil prices were rebounding “as signs that Opec-plus was moving closer to an agreement around further production cuts”. The producer group plus non-Opec member Russia will gather on December 6 and 7 in Vienna to discuss outpu...
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