Russia starts accepting need for oil cuts, negotiates with Saudis
Russia starts accepting need for oil cuts, negotiates with Saudis
Saudi Arabia's Crown Prince Mohammed bin Salman arrives in Buenos Aires
01 December, 2018, 06:29
Just a few hours after WTI Crude dipped below $50, oil prices wiped out losses and started climbing on Thursday after reports that Russian Federation has conceded that it needs to reduce oil production and join a new Saudi-led OPEC cut to balance the market.
Prices in November were down almost 22 percent so far, set for the biggest monthly fall since the depths of the financial crisis in 2008.
Fundamentally, investors remain concerned about the continuous flow of US supply along with new worries that Saudi Arabia is insisting that it will not cut production on its own to stabilize supply and prices.
Saudi Arabia, OPEC's largest producer, is confident the group and its allies can reach a resolution to stabilize the oil market at their meeting next week, the kingdom's Energy Minister Khalid Al-Falih said on Wednesday.
Russian energy minister Alexander Novak met Russian oil producers this week to discuss cooperation with OPEC, two industry sources said without providing details.
US crude futures rose 65 cents, or 1.29 percent, to $50.94 per barrel.
Prices rebounded after sources said Russian Federation would consider join an effort to cut alongside Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries.
European oil benchmark Brent stood at just under $60 on Wednesday, while its USA counterpart WTI hovered just above $51.
A "cocktail of uncertainty" awaits members of the OPEC oil cartel ahead of a meeting next week to discuss whether to cut oil production, according to an analyst.
US energy firms this week added oil rigs for a third week in four and increased the rig count for the fifth month in a row, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.
To maximise revenue, the government pumped a record 4.69 million barrels a day in October.
US crude inventories for the week to November 23, added 3.6 million barrels to the most in a year at 450 million barrels, exceeding expectations, the Energy Information Administration said on Wednesday.
US crude stockpiles went through a 10th straight week of increase, up 3.6 million barrels in the week ending on November 23, piling concerns over supply surplus and sagging demand growth, according to a weekly EIA report released on Wednesday.
Investors are looking ahead to the meeting of leaders of the Group of 20 nations (G20), the world's biggest economies, on November 30 and December 1, with the U.S.
The supply and demand fundamentals remain bearish, but the early price action suggests the technical picture may be improving.
Attention later in the session will focus on the new round of USA inventory data to see if it reinforces expectations of an emerging supply glut.
Anticipation of the meeting may also be driving prices higher, said Kilduff of Again Capital, adding that traders are wary of being short ahead of the meeting.
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