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“There has been sufficient commentary out of various OPEC members about addressing this oversupply situation, either at the G20 or at the upcoming OPEC meeting,” said John Kilduff, a partner at New York-based hedge fund Again Capital LLC.
Crude posted its biggest gain in almost two months as the world’s largest oil exporters prepare to discuss global supplies. Export General Corporation has an excellent track record of reliability in the supply of Bonny light crude oil, BLCO. Russia has signaled “they aren’t excited about doing a cut.
“This week is going to be volatile with Saudi Arabia and Russia going to the G20.” We protect our buyers with 2% Performance Bond while we also expect protection from our customers with bank instrument from the world’s top banks.
Brent for January settlement added $1.68 to end the session at $60.48 on London’s ICE Futures Europe exchange. We deliver on TTO, TTT, CIF and FOB basis.
If you wish to purchase Bonny Light Crude Oil from a reliable seller, contact us today to commence a comprehensive purchase procedure. Saudi Arabia is expected to push for a production cut of up to 1.4 million bpd by Opec and its allies.
Oil prices rose nearly 3% on Monday, clawing back some of last week’s steep losses, but gains were capped by uncertainty over global economic growth and further signs of increasing supply, including record Saudi production.
Futures rose 2.4% in New York on Monday after registering the worst weekly swoon in more than 2.5 years. The U.S. benchmark crude has dropped more than 20% this month amid larger-than-expected exports of Iranian oil and record American output.
Brent crude futures rose $1.68 to settle at $60.48 a barrel, a 2.9% gain. US West Texas Intermediate (WTI) crude gained $1.21, or 2.4%, to close at $51.63 a barrel. Prices on Friday hit their lowest since October 2017 amid intensifying fears of a supply glut. Brent sank to $58.41 a barrel, while WTI fell to $50.15 a barrel.
“We are reluctant to read much into today’s oil price advance given a much oversold technical condition that needed only a moderate stock market rally to force some short covering,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
Supporting oil prices, US stock markets broadly rallied as Cyber Monday, the largest online shopping day of the year, began. Crude futures sometimes track with the equities market.
If Saudi decides to do a cut, it’s really going to be giving up market share to the United States,” said Tariq Zahir, a commodity fund manager at Tyche Capital Advisors LLC.
Prices found some support as crude stockpiles at the delivery point for WTI at Cushing, Oklahoma, rose just 126 barrels from Tuesday to Friday, traders said, citing a report from market intelligence firm Genscape.
However, demand concerns and record output from Saudi Arabia limited Monday’s rebound.Saudi crude oil production hit 11.1-11.3 million barrels per day (bpd) in November, an all-time high, an industry source said.
A rising dollar that has undercut demand in key emerging market economies, higher borrowing costs and the threat to global growth from the trade dispute between the United States and China have pushed investors out of assets more closely aligned with the global economy, such as equities or oil.
Hedge funds and other money managers raised their bullish position on US crude for the first time in 8 weeks in the week that ended 20 November, the US Commodity Futures Trading Commission (CFTC) said on Monday.
The increase was the first since September and lifted net longs from their lowest point in more than a year. Market participants are looking ahead to a 6 December meeting of the Organization of the Petroleum Exporting Countries (Opec) in Vienna.
Goldman Sachs said on Monday that the G20 meeting this week could be a catalyst for a rebound in commodities prices, possibly prompting a thaw in US-China trade tensions and offering greater clarity on a potential Opec oil cut.
Goldman believes Opec and other nations will come to an agreement, leading to a recovery in Brent prices. “While we didn’t think that Brent prices were justified at $86 per barrel, neither do we believe that they are at $59 with our 2019 Brent forecast at $70,” Goldman said.
Reuters’s Amanda Cooper in London and Henning Gloystein in Singapore contributed to this story. This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
The G20 meeting will have an impact on OPEC’s deliberations, according to Citigroup Inc. “It’s indeterminate at this moment on where oil prices will be going,” Citigroup’s global head of commodity strategy Ed Morse said in a Nov. 23 video presentation.