Oil edges up ahead of OPEC meeting, but sentiment still cautious
By Henning Gloystein SINGAPORE (Reuters) - Oil prices rose on Wednesday ahead of an OPEC meeting next week at which the producer club is expected to decide some form of supply cut to counter an emerging glut.
By Henning Gloystein
SINGAPORE (Reuters) - Oil prices rose on Wednesday ahead of an OPEC meeting next week at which the producer club is expected to decide some form of supply cut to counter an emerging glut.
U.S. West Texas Intermediate (WTI) crude futures
International Brent crude oil futures
Despite Wednesday's rise, oil prices have still lost almost a third of their value since early October, weighed down by an emerging supply overhang and by widespread weakness in financial markets.
The crude oil price slump since October is so far on par with the 2008 price crash and steeper than that of 2014/2015.
The Organisation of the Petroleum Exporting Countries (OPEC) will meet at its headquarters in Vienna, Austria, on Dec. 6 to discuss output policy.
The OPEC-meeting will follow a gathering by the Group of 20 (G20) nations, which includes the world's biggest economies, in Argentina this weekend, at which the Sino-American trade dispute as well as oil policy are expected to be discussed.
While most analysts expect some form of supply cut from the OPEC-meeting, sentiment in oil markets remains negative.
"Options traders remain focused on downside risks following a 30 percent slide in WTI," Erik Norland, senior economist at commodities exchange CME Group wrote in a note, referring to the higher number of traders who have placed positions that would profit from a further fall in crude prices than those placing bets on a rising market.
Portfolio managers have slashed their combined net long position in crude futures by a total of 607 million barrels over the last eight weeks, the largest reduction over a comparable period since at least 2013, when the current data series began, exchange data showed.
GRAPHIC: Brent crude oil price slumps of 2008, 2014/2015 & 2018 in percent (https://tmsnrt.rs/2RiWkJ1)
(Reporting by Henning Gloystein; editing by Richard Pullin)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Guinea president 'captured', govt dissolved, claim army putschists'; attack on presidential palace repulsed, say authorities
Reports suggest that they captured President Alpha Conde and dissolved the government, bust the ground situation remains unclear
NEW YORK (Reuters) -The price of cryptocurrencies plunged and crypto trading was delayed on Tuesday, a day in which El Salvador ran into snags as the first country to adopt bitcoin as legal tender. Shares of blockchain-related firms also fell as crypto stocks were hit by trading platform outages. But the major focus was on El Salvador, where the government had to temporarily unplug a digital wallet to cope with demand.
By Joseph White and Sanjana Shivdas (Reuters) -The head of Apple Inc's car project, Doug Field, is going to work for Ford Motor Co to lead the automaker's advanced technology and embedded systems efforts, a hiring coup for Ford Chief Executive Jim Farley.