Oil prices rise as Saudi Arabia pushes for further supply cuts

Oil prices gain as investors eye deeper OPEC cuts

However, Iraq's Ghadhban said to the reporters in Baghdad earlier on Sunday (December 1st) that the OEPC members alongside its allies were sketching out a plan to incline further output cut at their scheduled meet in Vienna on December 5th and 6th.

Brent for February settlement gained 22 cents, or 0.4 percent, to $61.14 a barrel on the London-based ICE Futures Europe Exchange.

Saudi Arabia is pushing the plan to deliver a positive surprise to the market before the initial public offering of state-owned Saudi Aramco, the sources said.

Saudi Arabia requires the deeper cuts in order to support oil prices and maintain them within a "comfort level" range of $60-$70 per barrel which is closer to the kingdom's fiscal budget break-even level, Malek told Reuters.

Meanwhile, world's leading investment bank, Goldman Sachs noted on Monday that OPEC+ is keen on extending output cuts till June with the hope that the three-month window of extension would aid prices in the market.

OPEC and its allies, including Russian Federation, are to meet on Thursday and Friday in Austria's capital Vienna to discuss the glut of supply in the global oil market and low oil demand around the world.

US Proposes Duties on $2.4 Billion of French Goods Over Tech Tax
Meanwhile, President Trump also said on Monday that the USA will restore tariffs on steel from Brazil and Argentina. Le Maire told Radio Classique on Tuesday that the USA threat was unacceptable.

Concerns about the inability of the United States and China, the world's two biggest oil users, to reach a preliminary deal to resolve their 17-month trade dispute also weighed on oil prices, along with discouraging USA economic data.

"(The) oil price is little moved today, suggesting that traders are skeptical about the additional 400,000 BPD cut on top of the extension of (the) current production cut agreement", said Margaret Yang, market analyst at CMC Markets in Singapore.

But U.S. production keeps rising, filling the gaps left by OPEC, with output in September increasing to a new record of 12.46 million barrels per day (bpd), the U.S. government said in a monthly report on Friday.

U.S. crude oil inventories likely declined by 1.8 million barrels last week, according to six analysts polled by Reuters.

Crude has climbed since early October on signs the USA and China were edging closer to an initial trade deal.

Related News:

  • NASA finds fallen India Chandrayaan2 Vikram lander

    NASA finds fallen India Chandrayaan2 Vikram lander

    The LROC team compared moon's images before and after Vikram lost contact which helped them to locate the lander. As soon as the news broke social media went abuzz with congratulatory messages pouring in for the young techie.
    Irish 'ISIS Bride' Arrested on Return to Ireland From Turkey

    Irish 'ISIS Bride' Arrested on Return to Ireland From Turkey

    Ms Smith held a moderately lowly characteristic in the Defence Forces nonetheless labored on the kindly Irish Govt jet. More recently, Ms Smith was living in a Kurdish-controlled refugee camp in Syria.
    Dwyane Wade Slams Trolls for Criticizing His Parenting

    Dwyane Wade Slams Trolls for Criticizing His Parenting

    While Wade held their 1-year-old daughter, Kaavia , Union and Zion (Wade's second oldest child) posed alongside. Earlier this week, a plethora of people online came for Dwayne's 12-year-old son named Zion , however, Mr.
  • Rihanna & A$AP Rocky Dressed To Kill At The British Fashion Awards

    Rihanna & A$AP Rocky Dressed To Kill At The British Fashion Awards

    Taking to the red carpet, Rihanna posed for the camera as she shared the photos of her mint coloured cleavage-baring outfit. Rihanna accepted the award with her best friend and business partner, Jahleel Weaver, before addressing the room.
    Man arrested over 'deliberate' hit-and-run that killed boy, 12

    Man arrested over 'deliberate' hit-and-run that killed boy, 12

    She said officers have searched number of addresses this evening in an attempt to find him, but they had so far been unsuccessful. Terry Glover is thought to have been involved in a " deliberate " crash, Chief Superintendent Tracey Harman of Essex Police said.

    Volodymyr Zelensky disputes USA claims of corruption in Ukraine

    Reporter: Yet last week President Trump said on live television that Ukrainians are corrupt, and they steal money. During the interview, Zelenskiy said he "never talked to the President from the position of a quid pro quo".
  • Snapdragon Summit 2019: How to watch Qualcomm reveal the next generation Snapdragon

    Snapdragon Summit 2019: How to watch Qualcomm reveal the next generation Snapdragon

    It had been expected that Qualcomm would announce its latest chip at the company's "Snapdragon Tech Summit" event in Hawaii. New Android phones haven't been announced for 2020, but the chip that's likely to power many of them has been named.
    Riot Games to Pay $10 Million to Settle Gender-Discrimination Lawsuit

    Riot Games to Pay $10 Million to Settle Gender-Discrimination Lawsuit

    The lawsuit alleged that female employees were discriminated against because of a sexist "bro culture" fostered at the company. The League of Legends developer will be paying every female employee that has worked under then in the last five years.
    Samsung Galaxy S8, S8+, Note 8 phones won’t get Android 10 update

    Samsung Galaxy S8, S8+, Note 8 phones won’t get Android 10 update

    Separately, Italian blog Android World said that some Galaxy S10 models sold in the region are also getting the software upgrade. This bundle offers you a Galaxy Note 10 Plus (256GB) and a Galaxy Watch Active2 (44mm) for RM4499.
  • Brazil's Bolsonaro asks Trump to be more understanding on tariffs

    Brazil's Bolsonaro asks Trump to be more understanding on tariffs

    Trump said he has "no deadline" for the trade talks, indicating that he does not mind if the negotiations become protracted. And while the fights have hit farmers - a key constituency for Mr Trump - polls suggest their support remains resilient.
    Messi, Rapinoe expected to take Ballon d'Or honours

    Messi, Rapinoe expected to take Ballon d'Or honours

    Lionel Messi and Cristiano Ronaldo are the two greatest rivals in football and their rivalry has been for more than 10 years. Alisson Becker is expected to win the Yashin Award and Jadon Sancho is thought to be the Best Young Player .
    Trump says world 'has to be watching' the violence in Iran

    Trump says world 'has to be watching' the violence in Iran

    Dozens of the deaths have been recorded in Shahriar city in Tehran province - one of the cities with the highest death tolls. Iranian officials have said about 7,000 people have been arrested since the protests started, though the figure is disputed.


Most liked

Student, resource officer shot at Wisconsin school
He said the resource officer went to the classroom to confront the teen and move other students in the room to safety. Authorities say there has been an officer-involved shooting a Wisconsin high school.

Appeals court rules against Trump on subpoenas for financial materials
The court noted that the president had not disputed that the bank loaned him at least $130 million when no other bank would do so. The third judge on the 2nd Circuit panel, Debra Ann Livingston, issued a separate opinion in which she dissented in part .

Black Widow: Natasha Romanoff probes her past in first death-defying trailer
Scarlett Johansson attends the " Avengers Endgame " UK Fan Event at the Picturehouse Central on April 10, 2019 in London, England. If you saw the first Black Widow trailer and were hoping for local voice dubs, Disney India has you covered.

Spotify reveals the decade's most-streamed songs, from Drake to Ed Sheeran
The numbers are in and, according to Spotify, 2019 may have belonged to Post Malone-but Drake took the decade. Spotify will also give users a playlist of all of their most-played songs to enjoy for the rest of the year.

White House makes patriotism theme of Christmas
And for the family's ornament she chose a metal American flag, that looked as if it was rippling in the wind. On Sunday, December 1, 2019, First Lady Melania Trump shared a video that showed the Christmas decorations.

6 questions about Ukraine and the Trump impeachment battle, answered
For that, all he has to do is come and have a look at what's happening, how we live, what kinds of people we are. Intelligence agencies and witnesses like Dr.

The patriots have already given up veteran K Kai Forbath
The 6-foot-3, 305-pounder was released by the Texans on August 31, and signed to the Texans practice squad on September 2. Seeing that the Patriots now have an open roster spot available, they've signed former Eagles DT Albert Huggins.

Justin Hartley's Ex Chrishell Shares Cryptic Post Amid Divorce
The post featured a quote from author Nishan Panwar which read, "It's hard to watch people change right in front of you". In videos posted to her Instagram Story one day before the filing, Chrishell was wearing her ring, as well.

'Avatar 2' shares set photo on last day of 2019 filming
Specifically, one fan chose to use Twitter and ask the Avatar Twitter account if the Avatar trailer would be coming any time soon. Kate Winslet , Cliff Curtis, Oona Chaplin, Edie Falco, Brendan Cowell, Michelle Yeoh, and Jemaine Clement are also on board.

Cyber Monday brings the first big solo Disney+ discount for the masses
Just remember that you do have to pay the full $59.99 upfront to take advantage of this Disney+ Cyber Monday offer. All Disney movies - Aladdin , Frozen 2 , Star Wars: The Last Jedi and more-will exclusively stream on Disney+.

Alli scores brace to hand Mourinho 100% win
The England worldwide contributed with a brace as his team beat Bournemouth 3-2 at home on Saturday to hand newly appointed manager Jose Mourinho his third win in three matches.

Chargers Fans on Twitter Angry About Interference Call in Broncos Win
The Denver Broncos got off to a hot start in this one with rookie Drew Lock making his first career start. However, these numbers pale in comparison to what he was able to do in previous years.

Doctor Who season 12 finally has a release date
Tickets go on sale Friday. "Casting a woman won't change it, but I'm quite nervous". The series' regular time slot will be at 8 p.m. on Sundays starting January 5.

Still on top: Cyber Monday sales on track to hit record
This year's Cyber Monday is being touted to be one of the biggest ever and in all probability to gearing up to set new records. Amazon's Fire tablets come in a special "Kids' Edition", which include a kid-proof case with a stand and more.

The Internet Is Convinced Meghan Markle Writes Her Instagram Captions
Her remarks had been interpreted as a criticism of the royals for not providing sufficient assist. They included a maple leaf in their message, sparking speculation they were in Canada.