Crude oil futures end higher as OPEC likely to consider deeper production cuts

Crude oil futures ended higher on Tuesday on a report that major oil producers are likely to consider deeper production cuts when they meet in December. Members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies will consider making further reductions to crude output when they meet in December because of growing concerns about a slowdown in growth for oil demand. 

 

The report also said OPEC member Saudi Arabia wants to first lift adherence to the agreement, as Iraq and Nigeria are among the countries that have not fully complied with the reductions.

Benchmark crude oil futures for November rose 85 cents or 1.6 percent to settle at $54.16 a barrel on the New York Mercantile Exchange. December Brent gained 74 cents or 1.3 percent to settle at $59.70 a barrel on London's Intercontinental Exchange.

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Crude oil futures end lower amid concerns over energy demand outlook

Crude oil futures ended lower on Friday as data showing slower Chinese economic growth added to concerns about outlook for energy demand. China's GDP grew 6% year-on-year in the third quarter after rising 6.2% in the second quarter. Growth was forecast to slow marginally to 6.1%.

 

Although the Organization of the Petroleum Exporting Countries (OPEC) and allies are set to extend output cuts into 2020, rising crude inventories in the US continue to weigh on crude oil prices. Data released by the Energy Information Administration (EIA) on Thursday showed crude stockpiles in the US jumped 9.3 million barrels last week, more than three times the expected increase.

Benchmark crude oil futures for November declined 15 cents or 0.3 percent to settle at $53.78 a barrel on the New York Mercantile Exchange. December Brent fell 49 cents or 0.8 percent to settle at $59.42 a barrel on London's Intercontinental Exchange.

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Crude oil futures edge higher on Monday

Crude oil futures edged higher on Monday with Brent crude surging to its highest level in three and a half years, as violence in the Middle East fed concerns over the flow of oil in the region. The gain for U.S. benchmark oil prices weren’t quite as impressive with traders wary of Organization of the Petroleum Exporting Countries’ (OPEC) ability to offset crude supply declines and growing U.S. production. OPEC predicted strong demand from crude oil for the next year, helping fuel crude’s modest rally. The cartel downplayed the impact of the U.S. shale boom, but warned about U.S. trade squabbles.

Benchmark crude oil futures for June delivery jumped 26 cents or 0.4 percent to settle at $70.96 a barrel on the New York Mercantile Exchange. July Brent crude surged $1.11 or 1.4 percent to settle at $78.23 a barrel on London’s Intercontinental Exchange.

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