Oil halves losses after OPEC output cut deal report

Markets 12/6/2018, 3:34 PM
Oil halves losses after OPEC output cut deal report

Crude prices reversed half of its losses but continued to trade around 2% lower on Thursday as it was reported that Organization of the Petroleum Exporting Countries (OPEC) agreed on a new output cut. Earlier today, oil prices were falling over 4% amid concerns OPEC and other major oil producers led by Russia will not manage to reach an agreement to reduce global crude production.

Meanwhile, market watchers were also focused on the upcoming Energy Information Administration (EIA) report on the United States crude stock inventories due for release later today.

West Texas Intermediate for January delivery lost 2.72%, changing hands for $51.41 per barrel at 3:22 pm CET while the international benchmark Brent for settlements in February dropped 2.27% to go for $60.14 per barrel at 3:23 pm CET.

Breaking the News / VK

Keywords:
oil
Share:

Brent Crude (...-0.66%

59.79
Chart for: F BRN 2/19

F WBS-0.53%

50.88
Chart for: F WBS 1/19