Oil rose for a fourth session in a row on Monday, buoyed by the prospect that top exporter Saudi Arabia will push OPEC and maybe Russia to cut supply towards the end of this year.
The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, is pushing for the group and its partners to reduce output by 1 million to 1.4 million barrels per day to prevent a build-up of unused fuel.
“It appears that the market takes a production cut for granted. We’ll see if it is right after the next OPEC meeting on December 6. It is not unreasonable to anticipate stable prices until then,” PVM Oil Associates strategist Tamas Varga said.
more at: https://www.reuters.com/article/us-global-oil-idUSKCN1NO01M