Crude Oil on MCX settled up 0.73% at 4272 as investors cheered progress in resolving the U.S.-China trade dispute and a decisive general election result in Britain. Prices seen supported by efforts by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia to cut production.
The alliance, known as OPEC+, agreed last week to lower supply a further 500,000 barrels per day as of Jan. 1. China’s November domestic crude oil production rose 0.9 percent on year to 15.7 million tonnes, according to data released by the National Bureau of Statistics. Year-to-date output was 174.95 million tonnes, up 1.0 percent from a year earlier.
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National crude oil throughput rose 10.1 percent in November over the same year-ago level to 56.08 million tonnes, with year-to-date totaling 593.18 million tonnes, up 6.7 percent from a year ago. Money managers raised their net long U.S. crude futures and options positions in the week to December 10, the U.S. Commodity Futures Trading Commission (CFTC) said.
The speculator group raise its combined futures and options position in New York and London by 80,247 contracts to 251,360 during the period. An International Energy Agency report pointed to future pressure on oil prices, predicting a sharp rise in global inventories despite an agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to deepen output cuts.