Monday, 17 December 2018 20:11 WIB |
Oil futures moved higher Monday, as the market attempted to stabilize following another weekly loss and traders focused on output cuts by major producers set to take effect early next year.
West Texas Intermediate crude for February delivery rose 50 cents, or 1%, to $51.70 a barrel. February Brent the global benchmark, was up 68 cents, or 1.1%, to $60.96 a barrel.
A sharp selloff that pushed WTI and Brent into bear markets in November came after a buildup in speculative long positions. Those net long positions were cut further to less than 100,000 contracts in the last week, they noted, the number of long Brent positions rose for the first time in 11 weeks, they said, citing Commodity Futures Trading Commission data.