Weekly Crude Oil Review: WTI Futures Approach $60 Per Barrel On OPEC Effect

Weekly Crude Oil Review: WTI Futures Approach $60 Per Barrel On OPEC Effect

Dec 07, 2019 11:12 IST capital market

WTI Crude oil futures soared near two and half month high of $59.80 per barrel. MCX Crude oil futures jumped above Rs 4200 per barrel following the spurt in global prices. Media reports stated that OPEC and allies led by Russia agreed to extend heavy output cuts to prevent oversupply in a deal that will apply for the first three months of 2020. Existing supply curbs of 1.2 million barrels per day, aimed at supporting oil prices and preventing excess supply, are set to expire in March. US EIA data showed first weekly crude US supply decline in 6 weeks. Crude inventories fell by 4.9 million barrels in the week to November 29. US refinery crude runs rose by 464,000 barrels per day, EIA data showed. Refinery utilization rates rose by 2.6 percentage points.

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