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Oil Set for Fourth Weekly Gain Ahead of Key OPEC Meeting
Friday, 29 November 2019 09:30 WIB | ENERGY |Minyak BrentMinyak MentahMinyak WTI

Oil is heading for a fourth weekly gain, the longest winning streak since April, before a key OPEC+ meeting next week that will set the path for future production cuts.

Futures were steady near $58 a barrel in New York as the U.S. Thanksgiving Holiday reduced trading volumes. Saudi Arabia is likely to signal at the Vienna gathering that it™s no longer willing to compensate for the non-compliance of other members, according to people familiar with the kingdom™s thinking. OPEC and its allies are expected to extend the current supply pact, rather than deepen reductions, according to a Bloomberg survey.

West Texas Intermediate for January delivery lost 7 cents to $58.05 a barrel on the New York Mercantile Exchange as of 10:18 a.m. Singapore time. There was no settlement Thursday due to the holiday in the U.S. and all transactions will be booked with Friday. Prices are up 0.5% this week and 7.1% higher in November.

Brent for January settlement dropped 7 cents to $63.80 a barrel on the London-based ICE Futures Europe Exchange, easing for a third day. The contract is up 0.7% this week, also heading for a fourth weekly advance. The global benchmark crude traded at a $5.69 premium to WTI.

Source : Bloomberg

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