Putin says Russia and Saudi Arabia to extend Opec+ oil pact

Putin says Russia and Saudi Arabia to extend Opec+ oil pact

Putin said the world's two biggest exporters of crude "have agreed to extend our agreement", AFP reported, although there was no immediate confirmation from Riyadh. OPEC delegates argued that although they have the political backing more needs to be done to reach up to an agreement.

Crude oil prices gapped over 3 percent higher at the start of the Asia trading session following a rally in APAC equities.

Along with a couple of other non-member producers, the OPEC-Russia meeting will be the major event in commodities this week and for the final month of 2018.

IG Market Analyst, Kyle Rodday says the news post-OPEC meeting could be significant.

Brent crude, the global benchmark, is down about a third from an October high due to rising supply from the USA shale regions, Saudi Arabia and Russian Federation, slower demand growth and American waivers on oil sanctions on Iran.

Oil prices on Friday tallied a drop of about 22% in November, the biggest monthly percentage loss in a decade as traders fretted over a possible glut in global supplies.

International Brent crude oil futures were up $2.18 per barrel, or 3.7%, at $61.64 a barrel.

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The war isn't over, but it'll cool as 2018 comes to an end. "China is unlikely to compromise on this issue", the professor noted. Xi also reiterated China's stance on the Taiwan issue and the US side pledged to continue to adhere to the one-China policy.

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Sully's Instagram page highlighted the companionship and usefulness of service dogs for people with disabilities. Many former presidents and public officials are expected to attend the funeral, including President Donald Trump.

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The Cardinals struggled early offensively but ended up with six plays of 20 yards or longer, majority in the second half. They need to make sure they get this one right, and we all know now that McCarthy will at least be in the mix.

Still, prices finished down 22 percent last month, the deepest slide since October 2008.

OPEC, which pumps four-in-10 barrels produced worldwide, will convene in Vienna on December 6 to discuss output cuts after oil prices in November suffered the largest monthly drop since the global financial crisis in 2008. Analysts said that Saudi Arabia would possibly not confront with Washington over oil prices.

That growing belief saw oil prices trim early falls on Friday.

By the close of Friday's session, West Texas Intermediate crude for January delivery in NY ended down 1% at $US50.93 a barrel after trading as low as $US49.65. (WTI) crude futures were at $53 per barrel at time of writing, up $2.07 per barrel, and 4.1% from last close. February Brent LCOG9, -1.40% settled at $59.46, down 45 cents, or almost 0.8%.

While presumably the advisory board's recommendation buoyed analysts who are optimistic about the cartel slashing production, Stephen Brennock, oil analyst at PVM Oil Associates, stated in a research note published Friday that Russian Federation and the Saudis differ on the need for cuts, and this leaves the kingdom and allied non-OPEC producer facing its "toughest test yet" to find a compromise.

Meanwhile, the number of active drilling rigs in the United States decreased by three to 1,076 in the week ending November 30.

With drilling activity still high, most analysts expect US oil production to rise further in 2019. USA crude oil imports averaged 8.2 million barrels per day, up by 608,000 barrels per day from the previous week.

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