USD 92.2628

-0.33

EUR 99.7057

-0.56

Brent 86.99

+0.1

Natural gas 1.752

-0

456

Oil Steadied Below $45

Oil steadied bolstered by expectations that OPEC will agree its largest supply cut ever

Oil Steadied Below $45

US light crude for January delivery rose 11 cents to $44.64 a barrel after falling as low as $44.10 on Monday.

London Brent crude was untraded at the same time.

In an attempt to build a floor under prices, OPEC ministers, who meet on Wednesday in Algeria, are calling for the largest output cuts ever to combat shrinking demand and bulging inventories.

For many in the Organisation of the Petroleum Exporting Countries, up to two million barrels per day (bpd) must be removed to keep up with a slump in consumption that has knocked two-thirds off prices since a July record above $147.

That would come on top of a combined two million barrels daily that OPEC has already slashed at two previous meetings.

In another sign that Russia is willing to clinch a deal to protect prices, the world's top non-OPEC producer is sending its highest ranking delegation ever to the meeting - including heads of its five top oil companies.

Author: Ksenia Kochneva


Follow us on Google News
Advertising at neftegaz.ru

Subscribe to our newsletter

of the best materials Neftegaz.RU

* Incorrect E-Mail Address

By clicking the "Subscribe" button I accept the "Agreement on the processing of personal data"


Advertising at neftegaz.ru