Oil prices extend gains on expected Opec-led supply cuts
Brent benefits from an order that Canadian producers scale back output until excess crude in storage is reduced
Singapore — Oil prices rose on Tuesday, extending strong gains from the previous day amid expected Opec-led supply cuts and a mandated reduction in Canadian output. The 90-day truce in the trade dispute between the United States and China was also still supporting markets, traders said. US West Texas Intermediate (WTI) crude futures were at $53.35 a barrel at 1.37am GMT, up 40c, or 0.8%, from their last close. International Brent crude oil futures were up 40c, or 0.7%, at $62.09 a barrel. Both crude benchmarks climbed by about 4% the previous session after Washington and Beijing agreed a truce in their trade disputes and said they would negotiate for 90 days before taking any further action. The Middle East dominated Opec will meet on December 6 at its headquarters in Vienna, Austria, to agree a joint output policy. It will also discuss policy with non-Opec production giant Russia. “We expect Opec to follow suit and agree to a production cut in Vienna this coming Thursday,” US bank ...
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