Oil Ends At 11-Week High On OPEC Cuts — Market Talk

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Oil Ends At 11-Week High On OPEC Cuts — Market Talk

14:38 ET – US benchmark oil prices end at their highest in 11 weeks, closing up 1.3% at $59.20. after OPEC and other top producers including Russia announced extra production cuts totalling 500k bpd in an effort to tighten global supplies. Peter Cardillo at Spartan Capital says some skepticism on whether OPEC can deliver the deeper cuts is warranted because “it’s hard to predict who [among OPEC members] is going to cheat and who isn’t.” Still, Cardillo says even if only a portion of the announced cuts are delivered, the OPEC move should help “dry up global supplies,” and shift WTI out of its months-long, $51.50 to $58 range, and into a higher range of roughly $55 to $62 a barrel. (dan.molinski@wsj.com)

(END) Dow Jones Newswires

December 06, 2019 14:41 ET (19:41 GMT)