Oil Rises as Supplies Seen Reduced by OPEC, Libya Field Halt
Tuesday, 11 December 2018 18:57 WIB | ENERGY |Minyak WTIMinyak jenis BrentCadangan Minyak Mentah AS

Oil rose on renewed optimism that production cuts announced by the OPEC+ coalition will rebalance the market, while a giant Libyan field remained shut and U.S. inventories were estimated to have shrunk.

Futures in New York gained 0.8 percent after slumping 3.1 percent Monday amid uncertainty over how the OPEC+ curbs would be implemented. Saudi Arabia has said it plans to slash output to about 10.2 million barrels a day in January, down 900,000 a day from November -- a cut equivalent to the entire production of a country like Libya. Meanwhile Libya itself kept its largest oil field offline.

West Texas Intermediate for January delivery rose 40 cents to $51.40 a barrel on the New York Mercantile Exchange at 11:20 a.m. London time, after tumbling $1.61 on Monday. Total volume traded was 34 percent above the 100-day average.

Brent for February settlement climbed 45 cents to $60.42 a barrel on London™s ICE Futures Europe exchange, after sliding $1.70 on Monday. The global benchmark crude traded at an $8.80 premium to WTI for the same month.

Bloomberg

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