Oil Surges After Russia Signals Readiness to Cut Output

November 29, 2018 Share Print 0

Oil reversed course and rose on Thursday, after industry sources said Russia had accepted the need to cut production, together with OPEC.

The price is still set for its biggest one-month fall in November since the depths of the financial crisis in 2008, having lost more than 22 percent so far.

A seemingly relentless rise in U.S. crude supply, together with Saudi Arabia’s insistence that it will not cut output on its own to stabilise the market, earlier sent Brent crude to another 2018 low below $58 a barrel.

The Russian Energy Ministry held a meeting with the heads of domestic oil producers on Tuesday, before a gathering in Vienna of the Organization of the Petroleum Exporting Countries and its allies on Dec. 6-7.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.