Oil prices drop amid rising US stocks, OPEC uncertainty
Oil prices drop amid rising US stocks, OPEC uncertainty
WTI oil price slides under $50 per barrel
01 December, 2018, 06:24
Before the OPEC meeting, the world's top three producers - the United States, Russia and Saudi Arabia - will be part of a meeting this weekend of the Group of 20 industrialised nations in Buenos Aires, Argentina.
The price traded as high as $52.21 and it is now correcting lower.
The price of crude oil went down sharply from 10 in the morning, down more than a dollar. However, he stands ready to work with OPEC to control supply if needed.
Oil briefly plunged below $50 on Thursday amid fears of an emerging supply glut, before reversing course after Reuters, citing unnamed industry sources, reported that Russian Federation is considering cutting its oil output along with other members of the Oil and Petroleum Producing Countries (OPEC). Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many USA politicians to impose stiff sanctions on Riyadh.
EIA monthly output data may limit short-term oil gains if it is emphasized that OPEC+ output reduction efforts will deal with a powerful counterweight in bloated American production.
Since early October, both crude benchmarks have lost nearly a third in value as an emerging supply glut weighs on markets, as production has surged in the United States, Russia and also by the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC).
Thanks to a flexible currency and a much lower fiscal break-even price than the Saudis, Putin said this week that oil at $60/bbl was "absolutely fine" for his country. That appeared to contradict another Russian official who on Thursday indicated a willingness to join Saudi Arabia in supply cuts. Russian Federation is the second-largest oil-producing country.
On Friday, a CME group indicator suggested that expectations of a production cut were weakening. "In my view, the current price range is comfortable for producers and consumers", Novak told the TASS news agency.
"A credible message from OPEC's December 6 meeting is critical for price support", Jefferies said.
"His visit is a short one but we spent time and visited the vice president, we discussed issues on oil output, what we are doing and how to prepare for OPEC meeting".
The outcome of next week's OPEC meeting "remains clouded by uncertainty", Stephen Brennock of oil broker PVM told Bloomberg. "Walking out of Vienna next week with no explicit cut, but a jumbled statement referring to some broad intention to prevent the market from being oversupplied will undoubtedly trigger a further sell-off".
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