Oil prices climb amid expected OPEC cut, but markets remain wary


By Henning Gloystein

SINGAPORE (Reuters) – Oil prices rose by around 1 percent on Monday amid expectations that top exporter Saudi Arabia will push producer club OPEC as well as perhaps Russia to cut supply toward year-end.

Front-month Brent crude oil futures were at $67.41 per barrel at 0746 GMT, up 65 cents, or 1 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures, were up 76 cents, or 1.4 percent, at $57.22 per barrel.

“Oil prices continued to recover…(as) the market will be watching closely for the possible impact of a (supply) cut.” said Sukrit Vijayakar, director of Indian energy consultancy Trifecta.

The Organization of the Petroleum Exporting Countries (OPEC), de facto led by Saudi Arabia, is pushing for the producer group and allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply.

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