Investing.com – Oil prices edged up on Monday morning in Asia amid expectations that de-facto OPEC leader Saudi Arabia will urge the organization and its allies to slash supply to boost oil prices after a sell-off this month.
Crude Oil WTI Futures for January delivery rose 1.15% to $57.33 a barrel at 10:50PM ET (02:50 GMT) on the New York Mercantile Exchange, while Brent Oil Futures for January delivery inched up 0.66% to $67.44 per barrel on London’s Intercontinental Exchange.
As oil prices slid for the sixth straight week, major crude exporter Saudi Arabia is expected to push OPEC and its allies to cut output in December from 1 million to 1.4 million barrels per day (bpd) to cater to a slowdown in global demand. The ministers are set to meet on Dec. 6 in Vienna, Austria to determine its production policy for the first half of 2019, various reports showed.
“The market’s bullish radar is still waiting for OPEC+ [OPEC and its allies] to deliver sizeable cut number,” Stephen Innes, head of trading for Asia Pacific at futures brokerage Oanda, told Reuters.