By Srinivas Chowdary Sunkara // petrobazaar // 3rd Dec, 2018.
Oil futures closed flat on Friday with weekly gains, breaking the straight streak of losses for last seven weeks. Brent oil rose by 15 cents with 0.25 pct increase to $59.66 and WTI crude changed a little upside of 10 cents to $ 51.55.
As the Nov month ends, We can conclude on the fact that crude lost around a third of its value since the beginning of the October which affected the heavily reliant economies on oil. Iam sure that everybody who lost a third of their income including world's largest producers are struggling to plug the gaps made by such a big fall. A big relief to the market is that U.S and China agreed in G-20 summit, to keep talking for 90days during which tariff are paused. It is a positive upside surprise to oil market.
Now traders are looking ahead to listen from scheduled OPEC and non-OPEC meeting in Vienna this week. It seems that Saudi and Russia are coming closer to reach an agreement for significant cuts. Baker Hughes reported that U.S drillers took out 3 nos of oil rigs during the last week. Today Asian markets are opened high and oil is trading with an upside gap of above 4 percentage at the time of reporting. Good day.
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