OPEC, supply of crude in line of sight

Oil prices remained stable on Tuesday on forecasts that OPEC producer clubs would soon reduce their supply in order to avoid oversupply in a context of slowing growth in demand and rising demand. of United States production.

WTI (West Texas Intermediate) futures in the United States were $ 57.21 per barrel at 1,077 GMT, 1 cent above their latest settlement.

Brent crude futures in the first month were $ 66.75 per barrel, down 4 cents from their last closing price.

The Organization of the Petroleum Exporting Countries (OPEC), which is de facto directed by Saudi Arabia, calls on the cartel of producers and its allies to reduce the supply by one million to 1.4 million barrels per day adapt to slower growth in demand and prevent oversupply.

"The fundamentals of the next six months herald a recovery in oil prices after their sharp decline in October and early November," said BNP Paribas.

The French bank said it was due to "considerable" losses of Iranian exports expected because of US sanctions against Tehran and risks of disruption in Venezuela, as well as in Libya and Nigeria.

"In the meantime, producers are planning to reduce their availability and we expect OPEC to reduce them at its next official meeting on December 6," BNP said.

The bank has announced that it expects Brent to recover at $ 80 per barrel by the end of the year.

"In 2019, we expect WTI to average $ 69 a barrel and Brent $ 76 a barrel," said BNP.