Oil holds gains as OPEC supply curbs balanced by demand woes
Oil held a modest advance after Saudi Arabia and Russia’s announcements that they would prolong supply cuts through the end of the year were balanced by a worsening demand outlook. Also Read: OMCs to Absorb Crude Oil Shocks West Texas Intermediate (WTI) was steady near $81 a barrel after closing 0.4 percent higher on Monday, November 6, while global benchmark Brent traded close to $85.
The OPEC heavyweights announced the extension of the reductions of more than 1 million barrels a day over the weekend. The cartel and its allies are seeking to keep a tight grip on supplies in the face of a deteriorating demand outlook, particularly in China, the biggest importer, and Europe.
The war premium that buoyed prices following the October 7 attack by Hamas on Israel has also now completely disappeared for WTI and is mostly gone for Brent. Also Read: How Russia games oil sanctions for big profits Saudi Aramco, meanwhile, maintained official selling prices for two of five oil grades to Asian customers for December, while slashing them for their buyers in Europe.Milestone Alert!
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