Oil rises on supply cut talks, but prices stay down on oversupply concerns


Oil rises on supply cut talks, but prices stay down on oversupply concerns

Oil rose on Friday on expectations that OPEC and its allies would agree to cut output next month but prices remained down on the week on concerns that the global market was oversupplied.

Brent was up $1.36 at $67.98 a barrel by 1443 GMT. The global benchmark looked set for a third day of gains since hitting an eight-month low on Tuesday, but was down more than 3 per cent on last week’s close. US light crude was up 98 cents at $57.44 after its steepest one-day loss in more than three years on Tuesday.

Ministers from the Organization of the Petroleum Exporting Countries meet on December 6 in Vienna to decide on production policy for the next six months amid a growing surplus in world markets.

US oil production reached another record last week, at 11.7 million barrels per day, US data showed. The record output helped US crude oil stocks to their biggest weekly build in nearly two years. Read More

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