An OPEC delegate recently crossed the wires announcing that the meeting has concluded and they haven’t decided on the figure of the output cut. The delegate further added that the debate would continue with non-OPEC members on Friday.
West Texas Intermediate, or U.S. crude, lost 21 percent in November, tumbling to its lowest level in a year and logging its worst performance since October 2008.
U.S. crude prices were further pushed up by an announcement from Canada that Alberta province will force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd), to deal with a pipeline bottleneck that has led to crude building up in storage. Most of Alberta’s oil is exported to the United States.
U.S. West Texas Intermediate (WTI) crude futures were at $51.30 per barrel at 0023 GMT, down 15 cents, or 0.3 percent from their last settlement.
Crude Oil on MCX settled up 0.12% at 4109 supported by expected supply cuts from OPEC but held back by record U.S. production.
Gold Silver Reports (GSR) – OPEC Russia Talks Set to Keep Oil Cuts Even as Glut Vanishes – Almost 16 months of output curbs by the Organization of Petroleum Exporting Countries and its partners have seen crude rally to a three-year high near $70 a barrel. That’s replenishing their coffers after the worst oil slump in a generation, encouraging the producers to extend their intervention even as Venezuela’s petro-economy implodes and Donald Trump threatens Iran with sanctions.