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Oil steadies on OPEC cuts, but oversupply fears persist

      Published on Wednesday, 3 July , 2019      670 Views     
Oil steadies on OPEC cuts, but oversupply fears persist

  • Срещи

Oil prices pared gains on Monday after worries about oversupply persisted, pulling back from an early rally as OPEC extended supply cuts until March 2020 during a meeting in Vienna.

The Organization of the Petroleum Exporting Countries agreed on Monday to extend oil supply cuts until March 2020, three OPEC sources said, as the group’s members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring U.S. production.

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OPEC is slated to meet with Russia and other producers, an alliance known as OPEC+, on Tuesday to discuss supply cuts amid surging U.S. output.

Brent crude futures LCOc1 for September delivery settled up 32 cents a barrel at $65.06. During the session, they touched an intraday high of $66.75. The August delivery contract closed at $66.55 a barrel on Friday.

U.S. crude futures for August CLc1 climbed 62 cents to settle at $59.09 a barrel, after earlier touching their highest in over five weeks at $60.28.

“WTI and Brent today have fallen from intraday highs as market watchers become uneasy by the long wait for the OPEC meeting to conclude, a sign that there could be some form of disagreement,” said Tony Headrick, an energy market analyst at St. Paul, Minnesota commodity brokerage CHS Hedging LLC.

The closed OPEC meeting lasted for more than six hours.

“It’s going to be hard to hold onto the gains: there’s going to be a question in the market as to whether the cuts are enough,” said John Kilduff, a partner at Again Capital Management in New York. “So far they’re getting the benefit of the doubt, but we’ve slipped a bit off the highs.”

Category Срещи | 2019/07/03 latest update at 5:00 PM
Source : Reuters | Photocredit : Google
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