PT Solid Gold Berjangka | WTI Crude Oil Falls For a Fourth Day Ahead of Delayed OPEC+ Meeting

01:39 28 November in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

Minyak Oil,

Solid Gold Berjangka | West Texas Intermediate (WTI) crude oil closed with a loss for a fourth-straight session on Monday on doubts OPEC+ will be able to agree to further reduce production when it meets virtually on Thursday.

WTI crude for January delivery closed down US$0.68 to settle at US$74.86 per barrel, while January Brent crude, the global benchmark, was last seen down US$0.37 to US$80.21 per barrel.

OPEC+ will meet on Nov.30, a meeting originally scheduled for Sunday, to set production quotas amid weakening prices and falling demand. Saudi Arabia, which is expected to extend its one-million barrel per day voluntary supply cut into the new year, is looking for other members of the cartel to cut output, according to reports, while African members are arguing for higher quotas.

“We believe that compliance to existing cuts will likely be a key topic of conversation at Thursday’s OPEC+ meeting, along with production quota baselines, which reportedly contributed to the meeting delay. We still expect an extension of the unilateral Saudi and Russia cuts through at least 2024Q1, and unchanged group cuts, although a deeper group insurance cut is likely on the table,” Goldman Sachs noted.

The meeting comes amid slowing demand as developed economies slow under the weight of high interest rates, while inventories climb and production from outside the OPEC+ group is on the rise. The Energy Information Administration last week reported US oil inventories rose by 8.7-million barrels in the prior week, while production there stayed at a record 13.2-million barrels.

Source : MT Newswires,PT SGB, Solid Gold Berjangka, Solid Group, SG Berjangka