Investing.com – Oil prices rose on Thursday as expectations that the Organization of the Petroleum Exporting Countries (OPEC) would start cutting supply overshadowed a big crude stock build last week.
Crude Oil WTI Futures for December delivery traded 0.6% higher to $56.77 per barrel at 1:08 AM ET (05:08 GMT) on the New York Mercantile Exchange, while Brent Oil Futures for January 2019 delivery gained 0.6% to $67.04 a barrel on London’s Intercontinental Exchange.
Despite the rebound of the past two days, WTI remains about 27% lower from four-year highs of nearly $77 hit in early October.
OPEC, which meets on Dec. 6 in Vienna for its policy-setting meeting, is widely expected to agree on cuts of around 1 million bpd or more from its current production of above 33 million bpd.
“No one’s shorting the market at this point because everyone’s looking at OPEC and at what the Saudis might do if the prices go any lower,” said John Kilduff, a partner at New York energy hedge fund Again Capital.