Oil rises on Opec decision to cut supply in January
Brent climbs after the producer cartel and some non-affiliated suppliers agree to a supply cut of 1.2-million barrels a day
Singapore — Brent crude oil prices climbed on Monday after producer club Opec and some non-affiliated suppliers last Friday agreed a supply cut of 1.2-million barrels a day from January. Despite this, the outlook for next year remains muted on the back of an economic slowdown. International Brent crude oil futures were at $61.96 a barrel at 4.51am GMT, up 29c, or 0.5%, from their last close. Prices surged on Friday after Opec and some non-Opec producers including heavyweight Russia announced they would cut oil supply by 1.2-million barrels a day, with an 800,000 barrel a day (bbl/day) reduction planned by Opec-members and 400,000bbl/day by countries not affiliated with the group. US West Texas Intermediate (WTI) crude futures were weaker, however, dropping 11c from their last settlement to $52.50 a barrel, weighed by surging US output as the booming American oil industry is not taking part in the announced cuts. The Opec-led supply curbs will be made from January, measured against O...
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