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MTECHTIPS:-Crude Oil Futures – Weekly Outlook: November 21 – 25

Monday, November 21, 2016 0:28
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MTECHTIPS:-Crude Oil Futures – Weekly Outlook: November 21 – 25

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MTECHTIPS- Oil futures finished higher on Friday, logging their first weekly gain in more than a month amid optimism that OPEC will agree to production cuts at a meeting scheduled for the end of the month. On the ICE Futures Exchange in London, Brent oil for January delivery tacked on 37 cents, or 0.8%, to settle at $46.86 a barrel by close of trade Friday. It rallied to $47.62 the day before, the highest since November 2. For the week, London-traded Brent futures logged a gain of $2.11, or 4.5%, after posting losses in each of the past four weeks. Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in December inched up 27 cents, or 0.59%, to end the week at $45.69 a barrel. The contract touched $46.58 on Thursday, a level not seen since November 1. New York-traded oil futures rose $2.28, or 5%, on the week, after three straight weekly declines. The December contract expires at the end of Monday’s session. OPEC is moving closer toward finalizing its first deal since 2008 to limit oil output, with most members prepared to offer Iran significant flexibility on production volumes, ministers and sources said on Friday. Several OPEC oil ministers including Saudi Arabia’s Khalid al-Falih met in Doha on the sidelines of a gas forum Friday. Iranian officials attended the gathering although minister Bijan Zanganeh did not come. At the meeting, OPEC member countries proposed Iran cap its oil output at 3.92 million barrels per day (bpd), according to a source familiar with the proposal.

 

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