On Monday, oil prices plummeted, with Brent reaching its peak in more than a month after the previous day’s increase from growing expectations of a U.S .- China trade deal and Iran flagging OPEC discussions next month with a deeper cut in output.
Brent crude futures gained 80 cents to $62.49 a barrel by 1203 GMT for January LCOc1, erasing earlier losses and peaks last seen on Sept. 27. CLc1 also swung back into positive territory in the U.S. crude futures in December, up 64 cents at $56.84 a barrel.
The President of China, Xi Jinping, and the United States. President Donald Trump was in constant touch with “various means,” China said Monday when asked when and where the two leaders would meet to sign a trade deal.
Prices jumped around $2 a barrel on Friday after U.S. officials stated a deal could be signed this month.
“There is no assurance that they will place pen to paper before the end of the year for all the feel-good factor of Friday. This could be troublesome because U.S. tariffs scheduled for Dec. 15 remain on the table,” analysts from PVM said in a statement.
Capping gains, last month’s manufacturing production in the euro zone contracted sharply as demand was dented by the trade war and a lack of clarity about Britain’s exit from the European Union, a survey showed.
“The oil market faces ample supplies with global demand almost stagnant and supplies rising,” retorted Norbert Rucker, Head of Economics at Swiss bank Julius Baer.
“In the near term and in the longer term, we see oil prices trading at about $60 a barrel.”
Since January, production cuts by the Petroleum Exporting Countries Organization (OPEC), Russia and other producers have reduced oil output by 1.2 million barrels per day in an effort to support oil prices.
Yet Russia again fell short of its treaty commitments, data from the energy ministry on Saturday revealed. C-RU-OUT
OPEC output regained in October from an eight-year low following a fast rebound in the production of Saudi Arabia from attacks on its oil refineries in September, offsetting losses in Ecuador and voluntary cuts under the pact.
However, on Monday, Iranian Oil Minister Bijan Zanganeh was quoted as saying that he expects the next meeting of the Petroleum Exporting Countries Organization (OPEC) in December to agree on further production cuts.
Saudi Aramco finally kicked off its initial public offer on Sunday, but, according to fund managers, valuations vary by more than $1 trillion. Meanwhile, the Supreme Petroleum Council of Abu Dhabi authorized on Monday the release of a new pricing mechanism for the Murban crude flagship of Abu Dhabi National Oil Co’s.


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