Oil rebounds as Iraq signals deeper cuts ahead of Opec+ meeting

Oil rebounds as Iraq signals deeper cuts ahead of Opec+ meeting

Oil rebounds as Iraq signals deeper cuts ahead of Opec+ meeting

Although Brent crude dropped below $63 per barrel by the week closing, oil prices are still very close to the levels that prevailed around OPEC's meeting six months ago when an output cut rollover was suggested till March 2020.

Oil rebounded from the biggest weekly loss since early October after Iraq signalled Opec and its allies will consider deeper production cuts at its meeting later this week, contrary to indications from the group.

Ahead of a December 5th meet of OPEC (Organization of Petroleum Exporting Countries) members alongside their Russia-led allies in Vienna, Russia, the third-largest crude oil producer across the globe behind the United States and Saudi Arabia, had been urging for more patience on whether to extend crude oil production amid intense pressure from its state-backed oil giants alongside others, pointing towards a dark shadow over crude oil futures' prices amid a robust USA inventory build.

OPEC and allied oil producers will consider deepening their existing oil supply reduction deal by about 400,000 barrels per day to 1.6 million bpd, Iraq's oil minister said on Sunday.

Oil capped a second monthly gain in November on signs Beijing and Washington are close to an initial trade deal, even after the USA passed legislation expressing support for Hong Kong protesters.

"Barring any dramatic developments, the emphasis will be likely be on further tightening the market through better compliance enforcement", RBC Capital Markets analysts led by Helima Croft wrote in a note dated December 1.

However, there are many non-OPEC supply uncertainties in 2020.

West Texas Intermediate for January delivery rose $1.31 to $56.48 a barrel on the New York Mercantile Exchange as of 12:26 p.m. London time. There was no settlement Thursday due to the holiday in the US and all transactions were booked on Friday.

Brent crude futures rose 66 cents, or 1.1%, to $61.15 a barrel by 0727 GMT. The January contract expired Friday after dropping 2.3%.

Oil rose in November partly on expectations of the United States and China reaching an initial deal trade deal by the end of the year that would help restore global economic growth and future crude demand.

China's official manufacturing purchasing managers' index rose to 50.2, according to data released by the National Bureau of Statistics on Saturday. All comments are subject to editorial review.

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