OPEC and Russia Want To Cut Oil Production – 29 November, 2019

An agreement between Russia and OPEC to reduce some production next week aided in firming oil prices despite U.S. oversupplies keeping the market in check. U.S. West Texas Intermediate crude futures rose 0.4 percent and 20 cents to $51.65 per barrel. Brent crude oil futures were up 0.5 percent and 30 cents to $59.81 per barrel. A global supply glut has caused oil to lose a third in its value since October. To better control the glut, Opec and Russia will be meeting in Vienna during the first week of December to try and work out a plan to further production cuts.