Oil is trading mixed ahead of OPEC meeting+

© RIA Novosti / Vitaly to Timepiece in fotosannette the machine-rocking. Archival photoOil is trading mixed ahead of OPEC meeting+© RIA Novosti / Vitaly to Timepiece the image Bank

Oil Monday morning traded without a single dynamics, investors expect the meeting of Ministers of petroleum and energy of member countries of the agreement on the reduction of oil production (OPEC+) at the end of the month; WTI is cheaper in the correction after the rise last Friday, according to the auction.

As at 07.54 GMT the price of February futures for North sea petroleum mix of mark Brent has grown on 0,57%, to 63,83 per barrel, the price of January futures for WTI crude oil fell by 0.44% to 58,69 dollars per barrel. The price of WTI last Friday for the first time from 30 June 2015 exceeded $ 59 per barrel.

Traders continue to expect a meeting of Ministers of petroleum and energy States of all 24 OPEC+, which will be held on November 30 in Vienna. On the eve of this meeting, November 29, there will be a meeting of the Ministerial Committee for monitoring the implementation of agreements on OPEC+ and the adjustment of its terms.

«On the eve of OPEC meeting+ this week oil traders are awaiting renewal (agreement — ed.) to cut production», — quotes Reuters analyst Rivkin Securities William O’laughlin’s (William O’loughlin). Earlier, Russian energy Minister Alexander Novak said that Russia is ready to discuss the extension of an agreement on production cuts after the March 2018 at a meeting in Vienna.

OPEC and a number of not members of the organization countries agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day in October last year, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017, and in may extended for another nine months — until the end of March 2018.

WTI is cheaper corrective after the strong appreciation in the course of trading last Friday, November 24; the cost of this brand remains at the maximum of the last two years. The increase was caused by the news about the closing by the company of TransCanada pipeline Keystone, two sites which were closed in mid-November after the leak of 5 thousand barrels of oil to the United States.

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