{"id":9705,"date":"2019-10-23T00:59:00","date_gmt":"2019-10-22T19:59:00","guid":{"rendered":"http:\/\/umang.pk\/2019\/10\/oil-advances-on-report-opec-allies-to-discuss-deepening-cuts\/"},"modified":"2019-10-23T00:59:00","modified_gmt":"2019-10-22T19:59:00","slug":"oil-advances-on-report-opec-allies-to-discuss-deepening-cuts","status":"publish","type":"post","link":"https:\/\/umang.pk\/en_us\/2019\/10\/23\/oil-advances-on-report-opec-allies-to-discuss-deepening-cuts\/","title":{"rendered":"Oil advances on report OPEC, allies to discuss deepening cuts"},"content":{"rendered":"
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Jacqueline Melliek, Bloomberg<\/p>\n

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    The sun covers a crude oil storage tank on a Juaymah tank farm run by Saudi Aramco in Ras Tanura, Saudi Arabia on October 1, 2018.<\/p>\n

    The sun covers a crude oil storage tank on a Juaymah tank farm run by Saudi Aramco in Ras Tanura, Saudi Arabia on October 1, 2018.<\/p>\n

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    \n Photo: Bloomberg photo by Simon Dawson.
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      \n Photo: Bloomberg photo by Simon Dawson.
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      The sun covers a crude oil storage tank on a Juaymah tank farm run by Saudi Aramco in Ras Tanura, Saudi Arabia on October 1, 2018.<\/p>\n

      The sun covers a crude oil storage tank on a Juaymah tank farm run by Saudi Aramco in Ras Tanura, Saudi Arabia on October 1, 2018.<\/p>\n


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      \n Photo: Bloomberg photo by Simon Dawson.
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      OPEC report discusses further cuts<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n

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      The biggest increase over a week since the report was announced that OPEC and coal producers will discuss supply cuts next month.<\/p>\n

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      On Tuesday, New York futures rose 1.6 percent. According to Reuters, members of the Organization of Petroleum Exporting Countries are concerned about demand outlook for next year.<\/p>\n

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      Josh Graves, chief market strategist at RJ O'Brien and Associates in Chicago, said: "The biggest news is that OPEC is considering more cuts."<\/p>\n

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      Oil prices are already rising early early Tuesday as the S & P 500 hits all-time highs and companies at Procter & Gamble Co. and United Technologies Corp. have improved their outlook.<\/p>\n

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      Previous: Oil continues to fall for two days due to concerns over the global economy<\/strong><\/p>\n

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      US benchmark futures have been under pressure for the last six months as global energy demand has increased due to the long-standing US-China trade war. On Monday, President Donald Trump says negotiations are underway and expects the world's largest economy to sign a deal next month.<\/p>\n

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      West Texas mid-range crude oil for Western delivery in November, which expires on Tuesday, was $ 54.16, up 85 cents per barrel on the New York Mercantile Exchange. The more active December contract was $ 54.48, up 97 cents.<\/p>\n

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      Brent Yu for compromise in December rose 74 cents to $ 59.70 on the London-based ICE futures exchange. Global benchmark crude oil traded from $ 5.22 to $ WTI in the same month.<\/p>\n

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      Meanwhile, according to a Bloomberg survey, US crude oil inventory probably made the longest return in almost a year for six years last week. The government's weekly supply of aggregates for the reservoir will be announced on Wednesday.<\/p>\n

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      Graves said, \u201cIf you get higher than expected, you can derail this little pop regardless of what OPEC says.<\/p>\n

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      \u00a9 2019 Bloomberg L.P.<\/p>\n

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