Oil Set for Fourth Weekly Advance Ahead of Key OPEC+ Meeting
Friday, 29 November 2019 13:55 WIB | ENERGY |Minyak WTIMinyak MentahMinyak Brent

Oil is heading for a fourth weekly gain, the longest winning streak since April, before a key OPEC+ meeting next week that will set the path for future production cuts.

Futures were steady near $58 a barrel in New York as the U.S. Thanksgiving holiday reduced trading volumes. Saudi Arabia is likely to signal at the Vienna gathering that it™s no longer willing to compensate for the non-compliance of other members, according to people familiar with the kingdom's thinking. OPEC and its allies are expected to extend the current supply pact, rather than deepen reductions, according to a Bloomberg survey.

West Texas Intermediate for January delivery lost 12 cents, or 0.2%, to $57.99 a barrel on the New York Mercantile Exchange as of 2:18 p.m. in Singapore. There was no settlement Thursday due to the U.S. holiday and all transactions will be booked Friday. Prices are up 0.4% this week and are around 7% higher in November.

Brent for January settlement dropped 0.4% to $63.61 a barrel on the London-based ICE Futures Europe Exchange, declining for a third day. The contract is up 0.3% this week, also heading for a fourth weekly advance. The global benchmark crude traded at a $5.62 premium to WTI.

Source : Bloomberg

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