Crude oil (USO +3.4%) powers higher in the midst of optimism that the OPEC+ group could favor further production cuts when they meet in Vienna this week, with further support from industry information showing a bigger than forecast drop in U.S. crude stockpiles.
January WTI +3.7% to $58.18/bbl; Brent +3.4% to $62.89/bbl.
"A more profound cut is being favored by a number of key members," Iraq oil minister Ghadhban told reporters in Vienna.
"In the midst of exchange war uncertainty, OPEC will be considerably progressively resolved to keep up a story on oil prices and will work to convey precisely that outcome," surmises Stephen Innes, boss Asia advertise strategist at AxiTrader.
In the mean time, OPEC's November crude exports excluding Iran purportedly tumbled to their lowest level since July, shipping a normal of 14.79M bbl/day - 970K bbl/day beneath October levels and the lowest since July.
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