Opec+ is likely to officially extend supply cuts for another three months at a December meeting
London — Oil prices held near two-month highs on Friday and were set for a third consecutive week of gains, boosted by expectations of an extension to oil cartel Opec production cuts although doubts over US-China trade talks capped gains.
Prices touched their highest since late September on Thursday after Reuters reported that Opec and Russia are likely to extend existing production cuts by another three months to mid-2020 when they meet on December 5 and 6. “A disciplined approach from Iraq and Nigeria should shave off another 300,000 to 400,000 barrels per day from the group’s production level leading to a balanced market in the first half of 2020 and to a possible supply deficit in the second half of 2020,” oil brokerage PVM said.Uncertainty over whether the US and China will be able to reach a partial trade deal that would lift some pressure on the global economy kept a lid on prices.
“With oil near the top of recent trading ranges it’s no surprise to see a bit of selling pressure during the session today.”
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