Oil on its weight with Saudi record; G20 eye markets, OPEC meetings


SINGAPORE (Reuters) – Saudi oil showcases set down the low prices of Tuesday in a responsible trade ahead of the G20 collection that starts in Argentina on Friday and the OPEC meeting in Austria in the weekends.

FILE AUDIO: Oil tankers wait until they are fishing at Tupras furnace near Turkish city Izmit, Turkey, June 28, 2017. REUTERS / Umit Bektas / File Photo

LCOc1 began a Brent raw oil translation of $ 60 per barrel and returned to $ 60.10 per barrel at 0147 GMT, and living down 38 cents, or 0.6 per cent, from their last ones.

CLC1 was at risk of U.S. poverty West Texas Intermediate (WTI) at $ 51.21 per barrel, down 42 cents, or 0.8 per cent.

Saudi Arabia raised oil work to a higher level in November, said Monday business industry, pumping 11.1 million to 11.3 million barrels per day (bpd) during the month.

From their most recent peaks in early October, oil prices have lost nearly one third of their value, limited by supply provision that is emerging and with a broad weakness in financial markets.

"The recent weakness seems that … has been led by a broader awareness that could be involved in weak equality, geopolitics, demand which is increasingly aging and increasing supply, "said Jack Allardyce, an oil analysis of the financial services company of Cantor Fitzgerald Europe.

Looking forward, Allardyce said "There is a lot hanging" on the result of 20 meetings (G20) Group in Buenos Aires where it will be done. expects the United States and China to face trade disputes, and on a meeting of the Petroleum Dùthchannan (NAPE) Change Agency.

The leaders of G20 nations, who make up the world's largest economies, Meeting on November 30 and December 1, with its trade war between Washington's central and Beijing.

OPEC will gather for its annual meeting at its headquarters in Vienna on December 6, and its group discussion her output policy with some non-OPEC representatives, including Russia.

Supporting low prices for users, the US President. Donald Trump has emphasized his political politics in Saudi Arabia, CEO de facto OPEC, cutting work.

Despite this, her & # 39; Most analysts expect OPEC to; Start to quickly install supply.

"Our basic case for OPEC + members is to see the pressure of President Trump and focus on efforts to increase the current amount in the market to comply with the new edition agreement next month in Vienna, "said the Japanese MUFG Bank.

"If OPEC as well as Russia can not send a strong message to its market, the expected prices are to fall longer, maybe $ 50 Brent each barrel and $ 40 WTI every barrel or less, "said Fereidun Fesharaki, chairman of FGE's energy consultation, responsive to clients.

"The message must be crucial, robust, and the opposition must look completely, to allow any chance to stop its move," he said.

Statement by Henning Gloystein; Edited by Richard Pullin and Joseph Radford

On Standards:Thomson Reuters Trust Principles.
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