Oil prices rise following a breakdown in the North Sea, upstream of OPEC and G20 meetings By Reuters

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$© Reuters. A flag bearing the logo of the Organization of Petroleum Exporting Countries (OPEC) is seen at a meeting of OPEC countries and non-OPEC countries in Vienna [19659002] © Reuters. A flag with the logo of the Organization of Petroleum Exporting Countries (OPEC) is seen at a meeting in Vienna of OPEC countries and non-OPEC countries [19659003] By Henning Gloystein SINGAPORE (Reuters) – Oil prices rose 1% Wednesday Next week, OPEC should decide on a form of reduction of its supply supply to deal with an emerging glut. The closing of the largest British North Sea oil field, intended for repair, also supported prices, traders said. US West Texas Intermediate (WTI) futures were $ 52.11 per barrel at 4:48 GMT, up 55 cents or 1.1% from their latest regulation. International Brent () crude oil futures increased 57 cents, or 1%. at $ 60.78 a barrel. The Buzzard oil field, which pumps about 150,000 barrels per day (b / d), was temporarily shut down after the discovery of pipeline corrosion. Elgin-Franklin of Total, a smaller field connected to Forties, is also closed for maintenance. As a result, commercial sources announced the cancellation of three shipments due to cargo in December. Despite the rise on Wednesday, oil prices have lost about 30% of their value since early October, penalized by an emerging surplus and widespread weakness. on the financial markets. The decline in crude oil prices since October is comparable to that of 2008 and more pronounced than in 2014/2015. (GRAPHIC: Crude oil price collapse in Brent in 2008, 2014/2015 & 2018 in percent https://tmsnrt.rs/2RiWkJ1) L'Organisation of Petroleum Exporting Countries (OPEC) will meet on 6 December at its headquarters in Vienna, Austria, to discuss the exit policy. The OPEC meeting will follow a rally organized this weekend in Argentina by the countries of the Group of 20 (G20), which include the largest economies in the world, during which the Sino trade dispute American and oil policy should be discussed. [19659004] While most badysts expect supply to decline in one form or another At the OPEC meeting, confidence in the oil markets remains negative. "Option traders remain focused on downside risks following a 30% drop in WTI," said Erik Norland, Senior Economist at the NASDAQ Commodity Exchange, in a note, referring to the higher number of traders who placed positions that would benefit from a further decline in crude prices compared to those betting on a rising market. The portfolio managers reduced their combined net long-term gross futures position by 607 million barrels in the last eight weeks, the largest reduction in a comparable period since at least 2013, the launch year of the current data series. . Global markets are concerned about a slowdown in global trade resulting from the Sino-US trade dispute, growing debt and a strong dollar that puts pressure on emerging markets. The World Trade Organization (WTO) said in its latest outlook, released Tuesday, that "trade growth is expected to slow further by the fourth quarter of 2018", with growth likely lower since October 2016. (GRAPHIC: World Trade Organization (WTO) Outlook – https://tmsnrt.rs/2RlhEOc)   </div> <script> !function(f,b,e,v, n, t, s) {if (f.fbq) return; n = f.fbq = function () {N.callMethod? n.callMethod.apply (n, arguments): n.queue.push (arguments)}; if (! f._fbq) f._fbq = n; n.push = n; n.loaded =! 0; n.version = 2.0 & # 39 ;; n.queue = []; t = b.createElement (e); t.async =! 0; t.src = v; s = b.getElementsByTagName (e) [0]; s.parentNode.insertBefore (t, s)} (window, document, & quot; script & # 39; & # 39; https: //connect.facebook.net/en_US/fbevents.js'); fbq (& # 39 ;, & # 39; 751110881643258 & # 39;); fbq ("track", "Pageview"); </script></pre> </pre> [ad_2] <a href=$ Source link

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Oil prices rise following a breakdown in the North Sea, upstream of OPEC and G20 meetings By Reuters

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