{"id":89247,"date":"2020-10-14T22:17:00","date_gmt":"2020-10-14T19:17:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/oil-prices-finish-higher-encouraged-by-opec-commitment-to-output-cuts\/"},"modified":"2020-10-14T22:17:00","modified_gmt":"2020-10-14T19:17:00","slug":"oil-prices-finish-higher-encouraged-by-opec-commitment-to-output-cuts","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/oil-prices-finish-higher-encouraged-by-opec-commitment-to-output-cuts\/","title":{"rendered":"#\n  Oil prices finish higher, encouraged by OPEC+ commitment to output cuts"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a38749aca0e4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a38749aca0e4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/oil-prices-finish-higher-encouraged-by-opec-commitment-to-output-cuts\/#Rise_in_COVID-19_cases_continues_to_feed_weak_demand_expectations\" >Rise in COVID-19 cases continues to feed weak demand expectations<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/oil-prices-finish-higher-encouraged-by-opec-commitment-to-output-cuts\/#Myra_P_Saefong\" >Myra P. Saefong,<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/oil-prices-finish-higher-encouraged-by-opec-commitment-to-output-cuts\/#and\" >and<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/oil-prices-finish-higher-encouraged-by-opec-commitment-to-output-cuts\/#William_Watts\" >William Watts<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Oil prices finish higher, encouraged by OPEC+ commitment to output cuts<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Rise_in_COVID-19_cases_continues_to_feed_weak_demand_expectations\"><\/span>\n  Rise in COVID-19 cases continues to feed weak demand expectations<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000033712\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"inline\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          inline\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:66.640625%;\" data-mobile-ratio=\"66.640625%\" data-layout-ratio=\"66.640625%\" data-subtype=\"\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-244703?width=140&amp;size=1.5005861664712778 140w,\nhttps:\/\/images.mktw.net\/im-244703?width=540&amp;size=1.5005861664712778 540w,\nhttps:\/\/images.mktw.net\/im-244703?width=620&amp;size=1.5005861664712778 620w,\nhttps:\/\/images.mktw.net\/im-244703?width=700&amp;size=1.5005861664712778 700w,\nhttps:\/\/images.mktw.net\/im-244703?width=860&amp;size=1.5005861664712778 860w,\nhttps:\/\/images.mktw.net\/im-244703?width=1260&amp;size=1.5005861664712778 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-244703?width=620&amp;size=1.5005861664712778\" data-enlarge=\"https:\/\/images.mktw.net\/im-244703?width=1260&amp;size=1.5005861664712778\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\"><span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            Apu Gomes\/Agence France-Presse\/Getty Images<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<p>       Oil futures stretched their gains to a second session Wednesday, as Saudi Arabia and Russia reportedly held a discussion by phone, reiterating the OPEC+ commitment to abide by the production-cut agreement. <\/p>\n<p> A report by the International Energy Agency, however, underlined fears an acceleration in new COVID-19 cases around the world will dent demand for crude, limiting gains for prices.<\/p>\n<div class=\"paywall\">\n       The Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear to \u201cremain committed to output cuts according to its de facto leaders,\u201d said Robbie Fraser, senior commodity analyst at Schneider Electric.  <\/p>\n<p>\u201cBoth Russia and Saudi Arabia have reaffirmed that commitment in recent statements, and the group is expected to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly maintain record cuts into 2021,\u201d he said in a note. <\/p>\n<p>That comes despite some weaker cooperation among some of the group\u2019s smaller members, as well as the prospect of increased Libyan output,\u201d he said, adding that Libya remains an OPEC member, but is exempt from the OPEC+ agreement. <\/p>\n<p>Saudi Arabia\u2019s Crown Prince Mohammed bin Salman and Russian President Vladimir Putin talked by telephone on Tuesday, <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/viewstory.php?lang=en&amp;newsid=2144394\" class=\"icon none\">the official Saudi Press Agency said<\/a>. The pair \u201cagreed on the importance of all oil-producing countries to continue cooperating and abiding by OPEC+ agreement to achieve these goals for the benefit of both producers and consumers,\u201d the Saudi Press Agency said.<\/p>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> follows a report from the <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/saudis-consider-canceling-opec-plans-to-boost-output-11602174829?mod=searchresults&amp;page=1&amp;pos=1\" class=\"icon none\">The Wall Street Journal <\/a>on Oct. 8 that Saudi Arabia was considering the postponement of plans for OPEC+ to raise oil production early next year to the end of the first quarter. <\/p>\n<p>West Texas Inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te crude for November delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+2.16%<\/bg-quote><br \/>\n       climbed by 84 cents, or 2.1%, to settle at $41.04 a barrel on the New York Mercantile Exchange, following a rise of almost 2% Tuesday. December Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.13%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, added 87 cents, or nearly 2.1%, at $43.32 a barrel on ICE Futures Europe. <\/p>\n<p>OPEC+ members \u201cwill likely adopt a wait-and-see approach and not pursue new policies, since the market seems to be in balance and they will be cautious not to mess with the fragile recovery recently achieved,\u201d said Manish Raj, chief financial officer at Velandera Energy.  <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>\u201cOPEC+ has shown its willingness to step in to rebalance the market, should that be necessary, but they will not risk prematurely tilting the balance in either direction,\u201d he told MarketWatch.\u00a0 <\/p>\n<p>The Joint OPEC-Non-OPEC Ministerial Monitoring Committee, or JMMC, which monitors compliance with production cuts, is scheduled to meet on Monday.  <\/p>\n<p>Meanwhile, the global tally of confirmed cases of COVID-19 <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"http:\/\/The%20global%20tally%20for%20confirmed%20cases%20of%20the%20coronavirus%20that%20causes%20COVID-19%20climbed%20to%2038.2%20million%20on%20Wednesday,%20according%20to%20data%20aggregated%20by%20Johns%20Hopkins%20Universitythe%20New%20York%20Times%20reported,%20with%2016%20states%20adding%20more%20new%20cases%20in%20the%20last%20seven%20days%20through%20Monday%20that%20in%20any%20other%20since%20the%20start%20of%20the%20pandemic\" class=\"icon none\">climbed to 38.2 million on Wednesday<\/a>, according to data aggregated by Johns Hopkins University, the New York Times reported<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2020\/10\/14\/world\/covid-coronavirus#the-midwest-and-west-are-driving-a-surge-in-us-cases\" class=\"icon none\">,<\/a>\u00a0with 16 U.S. states adding more new cases in the last seven days through Monday that in any other since the start of the pandemic.<\/p>\n<p>Oil was lifted Tuesday by data that showed a jump in crude imports by China, but with the focus on a pickup in new cases, \u201cit is bound to be a difficult\u00a0journey higher not only from COVID headlines, but elevated\u00a0oil\u00a0inventories will continue to be a dead weight on prices over the short-term, dissuading big\u00a0oil\u00a0traders from building aggressive long positions ahead of the inventory reports,\u201d said Stephen Innes, chief global markets strategist at Axi, in a note.<\/p>\n<p>The Paris-based IEA painted a picture of contracting supply, penciling in a 4-million-barrel-a-day drop in the fourth quarter, but the agency warned that the drawdown is coming off record inventory levels and could falter as a sharp rise in COVID-19 cases in the developed world results in new restrictions on movement.<\/p>\n<p><strong>Read: <\/strong>IEA warns of faltering recovery due to COVID-19<\/p>\n<p>The climbing case number \u201csurely raises doubts about the robustness of the anticipated economic recovery and thus the prospects for oil demand growth,\u201d the IEA said. <\/p>\n<p>The IEA\u2019s annual World Energy Outlook report released Tuesday said under its best-case scenario, global energy demand isn\u2019t expected to rebound to its precrisis level until 2023.  <\/p>\n<p>Weekly data on U.S. petroleum supplies have been delayed by a day this week because of Monday\u2019s federal holiday. <\/p>\n<p>The American Petroleum Institute, a trade group, will release its figures late Wednesday, with the U.S. Energy Information Administration\u2019s official report due out Thursday. <\/p>\n<p>On average, the EIA is expected to report that domestic crude supplies declined by 2.3 million barrels for the week ended Oct. 9, according to a survey of analysts by S&amp;P Global Platts. The survey also showed expectations for supply declines of 1.8 million barrels for gasoline and 2.5 million barrels for distillates, which include heating oil. <\/p>\n<p>\u201cInventories are famously all over the board as a hurricane comes in,\u201d said Flynn, in a note. Hurricane Delta made landfall on Louisiana\u2019s Gulf Coast last week. The supply numbers \u201cwill be skewed enough and will cause more confusion than really shed any light.\u201d\u00a0 <\/p>\n<p>Back on Nymex, November gasoline<br \/>\n        RBX20,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210289266\/delayed\" class=\"positive\">+1.44%<\/bg-quote><br \/>\n       rose 1.2% to $1.1971 a gallon and November heating oil<br \/>\n        HOX20,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210065818\/delayed\" class=\"positive\">+2.14%<\/bg-quote><br \/>\n       climbed 2% to $1.1925 a gallon.<\/p>\n<p>November natural gas<br \/>\n        NGX20,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194809\/delayed\" class=\"negative\">-7.74%<\/bg-quote><br \/>\n       settled at $2.636 per million British thermal units, down 7.7%. <\/p>\n<p>Natural gas \u201chit a bump in the road\u201d on signs of \u201csome lost near-term demand,\u201d said Daniel Flynn, an analyst at The Price Futures Group. \u201cAll in all, I believe this is another reason for profit-taking mode as the <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.bsee.gov\/newsroom\/latest-news\/statements-and-releases\/press-releases\/bsee-monitors-gulf-of-mexico-oil-and-35\" class=\"icon none\">Gulf of Mexico production continues to return<\/a>\u201d following disruptions from Hurricane Delta.<\/p>\n<\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Myra P. Saefong\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Myra_P_Saefong\"><\/span>Myra P. Saefong,<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"and\"><\/span> and<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"William Watts\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"William_Watts\"><\/span>William Watts<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener noreferrer\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21004575-02D4-D4B5-4572-D83B0AD7DA75%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Oil prices finish higher, encouraged by OPEC+ commitment to output cuts &#8221; Rise in COVID-19 cases continues to feed weak demand expectations Apu Gomes\/Agence France-Presse\/Getty Images Oil futures stretched their gains to a second session Wednesday, as Saudi Arabia and Russia reportedly held a discussion by phone, reiterating the OPEC+ commitment to abide by&#8230;<\/p>\n","protected":false},"author":1,"featured_media":89248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-89247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/89247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=89247"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/89247\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/89248"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=89247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=89247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=89247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}