BusinessOil & Gas/Mining

Oil heads for 2% weekly gain on tight U.S. supply, China demand

Brent December futures fell 14 cents to US$92.96 per barrel at 0620 GMT, while ahead of expiring on Friday, Brent November futures dropped 38 cents to US$95.00 per barrel

Oil prices slipped on Friday but were headed for a gain of 2% for the week driven by tight U.S. supply and expectations of strong fuel demand in China during the Golden Week holiday.

Brent December futures fell 14 cents to US$92.96 per barrel at 0620 GMT, while ahead of expiring on Friday, Brent November futures dropped 38 cents to US$95.00 per barrel.

U.S. West Texas Intermediate crude (WTI) slipped 9 cents to US$91.62 per barrel.

Following a nearly 30% jump in prices this quarter to their highest in a year, analysts are waiting to see whether top producer Saudi Arabia might look to ramp up supply.

“Brent struggled to hold onto gains made in the early part of the trading session. There is likely reluctance amongst participants to push too much higher right now with the market clearly in overbought territory,” said ING Bank analysts in a client note.

“There is also possible nervousness that OPEC+ and specifically Saudi Arabia could start to ease cuts earlier than scheduled if prices move much higher,” they added.

A ministerial panel of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, is due to meet on 4 October.

“Next week’s OPEC meeting will be a key update for the market with increasing probability the voluntary supply cuts by Aramco are reduced,” said National Australia Bank analysts in a client note.

 

 

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Source
Reuters
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