AIRLINK 212.00 Increased By ▲ 2.45 (1.17%)
BOP 10.35 Decreased By ▼ -0.11 (-1.05%)
CNERGY 7.02 Decreased By ▼ -0.33 (-4.49%)
FCCL 33.95 Decreased By ▼ -0.44 (-1.28%)
FFL 17.90 Decreased By ▼ -0.15 (-0.83%)
FLYNG 22.40 Decreased By ▼ -0.52 (-2.27%)
HUBC 129.50 Decreased By ▼ -2.99 (-2.26%)
HUMNL 14.20 Increased By ▲ 0.06 (0.42%)
KEL 4.98 Decreased By ▼ -0.05 (-0.99%)
KOSM 6.99 Decreased By ▼ -0.08 (-1.13%)
MLCF 44.00 Decreased By ▼ -1.20 (-2.65%)
OGDC 214.00 Decreased By ▼ -4.38 (-2.01%)
PACE 7.30 Decreased By ▼ -0.28 (-3.69%)
PAEL 41.15 Decreased By ▼ -0.55 (-1.32%)
PIAHCLA 17.19 Decreased By ▼ -0.11 (-0.64%)
PIBTL 8.72 Increased By ▲ 0.17 (1.99%)
POWERPS 12.50 No Change ▼ 0.00 (0%)
PPL 184.52 Decreased By ▼ -4.51 (-2.39%)
PRL 40.71 Decreased By ▼ -1.62 (-3.83%)
PTC 24.95 Decreased By ▼ -0.22 (-0.87%)
SEARL 99.50 Decreased By ▼ -4.46 (-4.29%)
SILK 1.03 No Change ▼ 0.00 (0%)
SSGC 40.35 Increased By ▲ 1.11 (2.83%)
SYM 18.99 Decreased By ▼ -0.17 (-0.89%)
TELE 9.17 Decreased By ▼ -0.07 (-0.76%)
TPLP 12.55 Decreased By ▼ -0.55 (-4.2%)
TRG 67.00 Decreased By ▼ -2.18 (-3.15%)
WAVESAPP 10.90 Increased By ▲ 0.18 (1.68%)
WTL 1.82 Increased By ▲ 0.11 (6.43%)
YOUW 4.15 Increased By ▲ 0.01 (0.24%)
BR100 11,993 Decreased By -86.5 (-0.72%)
BR30 36,131 Decreased By -471.8 (-1.29%)
KSE100 115,177 Decreased By -876 (-0.75%)
KSE30 36,278 Decreased By -299.8 (-0.82%)
Markets

Oil mixed amid slow holiday trade before OPEC+ meeting

Brent futures are set for a slight gain of 0.6pc for the week, the fourth weekly increase. Russian oil compani
Published November 29, 2019
  • Brent futures are set for a slight gain of 0.6pc for the week, the fourth weekly increase.
  • Russian oil companies proposed on Thursday not to change their output quotas.
  • The group has agreed to cut its output by 1.2 million barrels per day through to March to support prices.

TOKYO: Oil prices were mixed on Friday in quiet trade with the US Thanksgiving holiday limiting activity, while investors awaited a meeting of OPEC and its allies next week that may result in the extension of an output cut agreement to support the market.

Brent crude futures were down 8 cents, or 0.1pc, at $63.79 a barrel by 0740 GMT.

Brent futures are set for a slight gain of 0.6pc for the week, the fourth weekly increase, during which prices have climbed 3.4pc.

West Texas Intermediate (WTI) futures were up 4 cents, or 0.1pc, at $58.15 a barrel.

For the week, WTI is set to gain 0.6pc, the fourth weekly increase, during which prices have risen 3.4pc.

Next week's meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, is high on investors' list of things to watch.

The group has agreed to cut its output by 1.2 million barrels per day through to March to support prices and analysts expect the agreement to be extended as US production keeps hitting records.

"It is highly probable that the group will rollover the deal in its current form until at least the end of 2020, but we see limited scope for a new round of cuts, in light of uneven compliance and diminishing returns," Fitch Solutions said in a note.

Russian oil companies proposed on Thursday not to change their output quotas, putting pressure on OPEC+ to avoid any major shift in the policy when the group meets in Vienna on Dec. 5-6.

Still, "risk-neutral is an excellent spot to be ahead of the weekend as there is a ton of headline risk that could upset the apple cart," said Stephen Innes chief Asia market strategist at AxiTrader.

China warned the United States on Thursday that it would take "firm countermeasures" in response to US legislation backing anti-government protesters in Hong Kong.

Investors are concerned any such move by China would further delay a preliminary agreement with the United States to end their trade war that has held back growth in global economies and in the consumption of oil.

Comments

Comments are closed.