The oil price is updated at least October 2017

Lloyd Doyle
December 6, 2018

The options market now shows a record number of open positions in US oil falling to $45 or $40 a barrel by the end of 2019, though bullish bets have also edged higher.

World oil prices turned to decrease at the auctions on Thursday, November 29, updating the lows of last autumn.

It's not unusual for Russian Federation to leave everyone guessing until the very last moment whether it is on board with a production cut-Moscow has done so in all previous meetings since its oil-market-management cooperation with Riyadh started two years ago in November 2016.

"Everybody is longing (to) reach a decision that brings stability back to the market".

He added that if OPEC does not reduce production, prices could tumble to $40 a barrel. This indicates at a possible trench being created by the oil marketing companies to form a buffer in case the oil prices increase again. "The key question is how quickly and by how much", said one source familiar with the talks between Russian oil firms and the ministry. Russian oil executives and officials have been skeptical of the need to cut output. It definitely needs and wants oil prices higher than $60, but Trump's support for Mohammed bin Salman could lead the Saudis to refrain from angering the U.S. President.

Macro-focused and commodity trading advisory funds (CTAs) had bet on a further rally ahead of renewed US sanctions on Iran, but instead were caught wrong-footed after waivers were announced and USA production surged faster than expected.

Petrol prices in India slide further as crude gets into $50 range - CarWale
Oil prices drop amid rising U.S. stocks, OPEC uncertainty

Cost of January futures for Brent crude on London's ICE Futures exchange is $57,57 per barrel, or $1,19 (2.03 per cent) below level of closing of the previous session, reports the online edition of the Chronicle.info with reference to the Correspondent.

China in November resumed imports of US crude oil, taking in one tanker at the end of last month, according to ship-tracking data, with another on order for delivery in January.

In recent weeks, both OPEC and the International Energy Agency cut their demand forecasts due to sagging fortunes in developing economies.

Before the OPEC meeting, the world's top three producers - the United States, Russia and Saudi Arabia - will be part of a meeting this weekend of the Group of 20 industrialised nations in Buenos Aires, Argentina.

"This is effectively an achievement of Saudi Arabia and the crown prince, he was the initiator of this work", Putin told an investment conference in Moscow on Wednesday. Articles appear on euronews.com for a limited time.


Other reports by Iphone Fresh

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