Oil rose towards $67 a barrel on Wednesday, recouping some of the previous session’s slide, on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market. <\/p>\n
Crude rallied after three sources familiar with the issue said OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), a larger figure than officials have mentioned previously<\/p>\n
International benchmark Brent crude rose $1.18 a barrel to $66.65 as of 0955 GMT, having fallen as low as $65.02 earlier. U.S. crude was up 60 cents at $56.29.<\/p>\n
Since mid-October, the price of Brent has fallen by 17.5 percent as concern grew about excess supply and slowing demand, n what has become one of the biggest declines since a price collapse in 2014.<\/p>\n
“Crude oil futures succumbed to overwhelmingly bearish pressure,” said Benjamin Lu, analyst at brokerage Phillip Futures in Singapore.<\/p>\n
Oil markets are being pressured from two sides: a surge in supply from OPEC, Russia and other producers, and increasing concerns about a global economic slowdown that would hit demand.<\/p>\n
U.S. crude oil output from its seven major shale basins is expected to hit a record 7.94 million barrels per day (bpd) in December, the U.S. Department of Energy’s Energy Information Administration (EIA) said on Tuesday.<\/p>\n
That surge in onshore output has helped overall U.S. crude production hit a record 11.6 million bpd, making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia.<\/p>\n
Most analysts expect U.S. output to climb above 12 million bpd within the first half of 2019.<\/p>\n
The rise in U.S. production is contributing to higher stockpiles.<\/p>\n
Official storage data is due on Wednesday from the Energy Information Administration, with analysts expecting a 3 million barrel rise in crude inventories.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil rose towards $67 a barrel on Wednesday, recouping some of the previous session’s slide, on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market. Crude rallied after three sources familiar with the issue said OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), a larger figure than officials have mentioned previously International benchmark Brent crude rose $1.18 a barrel to $66.65 as of 0955 GMT, having fallen as low as $65.02 earlier. U.S. crude was up 60 […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-189966","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/189966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=189966"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/189966\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=189966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=189966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=189966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}