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Oil prices rise in anticipation of OPEC-led output cuts
Oil prices rose on Tuesday to continue gains of the previous day amid expected supply cuts led by OPEC and Russia.
US West Texas Intermediate crude futures at $ 53.33 a barrel were up 48 cents, or 0.7 percent, from their latest close at 0604 GMT.
London Brent crude was up 51 cents, or 0.8 percent, at $ 62.20 a barrel.
Both benchmark crude rose about 4 percent in the previous session after Washington and Beijing agreed to a truce in their trade war and said they would negotiate for 90 days before taking any new action.
"It is likely that oil prices will gradually rise ... this week as investors expect OPEC to reduce supply," said Benjamin Lo of Phillips Futures brokerage in Singapore, referring to OPEC and its ally Russia.
The Organization of the Petroleum Exporting Countries (OPEC) meets on December 6 at its General Secretariat in Vienna, Austria, to decide on a joint production policy. OPEC will also discuss policy with the giant non-member producer Russia.
"We expect OPEC to agree to cut production in Vienna next Thursday," Goldman Sachs said in a note to customers.
"Reducing OPEC and Russia production by 1.3 million barrels per day would be necessary to reverse the huge non-seasonal increase in stockpiles," the bank said.
He said he expected OPEC-Russia curtailment efforts to push Brent crude prices "above mid-$ 60 a barrel."
http://economy-news.net/content.php?id=14605
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