Oil prices edge up on expected OPEC supply cuts
Updated : November 20, 2018 07:58 AM IST
US West Texas Intermediate (WTI) crude futures, were at $57.32 per barrel at 0048 GMT, up 12 cents, or 0.2 percent from their last settlement. Front-month Brent crude oil futures had yet to trade.
The Organisation of the Petroleum Exporting Countries (OPEC), de facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply.
Despite the gains, crude prices remain almost a quarter below their recent peaks in early October, weighed down by surging supply and a slowdown in demand growth.
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