Oil Extends Gains as Market Mulls Prospect of OPEC Output Cuts
Tuesday, 3 December 2019 07:55 WIB | COMMODITY |BrentWTIMinyak

Oil held gains in Asian trading before an OPEC meeting this week that could decide to tighten supplies further.

Futures in New York rose 0.2%, after advancing 1.4% on Monday in their biggest daily gain in more than a week. Iraq said that the so-called OPEC+ group may shrink output again, contradicting other cartel members insisting deeper cuts are not on the cards. Just one out of 35 analysts and traders in a global surveyby Bloomberg expect OPEC and its allies will agree on a further reduction when they meet in Vienna later this week.

West Texas Intermediate for January delivery rose 8 cents to $56.04 a barrel on the New York Mercantile Exchange at 10:43 a.m. Sydney time. Jan. WTI settled up 79 cents at $55.96 a barrel on Monday.

Brent for February settlement rose 43 cents to $60.92 on London™s ICE Futures Europe Exchange.

Source : Bloomberg

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