Oil steady but set for weekly gain as Opec to agree output cuts
Opec has agreed to cut production by a further 500,000 bpd but has yet not committed to cuts beyond March 2020
06 December 2019 - 13:30
London — Oil prices steadied on Friday and were set for weekly gains ahead of a meeting of oil cartel Opec and its allies later in the day, which is expected to formally agree to more output cuts in early 2020.
Opec and allies, including Russia, known as Opec+, agreed on Thursday to more output cuts to avert oversupply as economic growth stagnates amid the US-China trade war. But Opec stopped short of pledging action beyond March 2020 and analysts have questioned the impact of the latest curbs...
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