Oil totters, but scores monthly gain ahead of Dec. 5th OPEC meet

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Oil totters, but scores monthly gain ahead of Dec. 5th OPEC meet

On Friday, the 29th of November 2019, both US and UK crude took heavy headers following an abrupt evaporation of risk-appetite after US President Donald Trump had signed an approved US Senate backing protestors in Hong Kong, while fanning up the flames further of a sixteen-month long costlier trade spat between Washington and Beijing, China had threatened the United States with acts of retaliation saying Hong Kong protests had entirely been an internal affair of China.

Meanwhile, followed by a resurfacing of fresh frets over trade tension alongside a robust US inventory build, US West Texas Intermediate Crude Futures’ prices were pummelled as much as by 4 per cent on Friday (November 29th), however still ended the month higher ahead of a widely anticipated meet of OPEC members and their Russia-led allies as trade optimisms had been fuelling up a strident crude oil rally on November.

Besides, adding that a hope of further output cut following an OPEC meet due to be held in Vienna, Austria on December 5th had spurred up investors’ optimism on November aside from a Sino-US trade deal optimism, a President of Lipow Oil Associates in Houston, Andrew Lipow said on Friday’s (November 29th) market wrap-up, “The bottom line is some people are looking for OPEC+ to cut production, and I don’t think that’s going to happen.

” Citing statistics, on Friday’s (November 29th) market wrap-up, UK crude ended the day down by 1.4 per cent to $62.43 per barrel and winded down the week with a decline of 1.5 per cent, however, posted its largest monthly rise since April this year with a gain of around 6.0 per cent, while the US West Texas Intermediate Futures’ prices ended the day down by nearly 4 per cent to $55.17, posting a weekly plunge of 4.1 per cent, but scored a monthly jump of 2.3 per cent, its largest since June this year.