Oil Steady with OPEC+ Warning of Precarious Outlook

Oil Steady Near $41 Before OPEC+ Meets to Assess State of Market

Oil Steady Near $41 Before OPEC+ Meets to Assess State of Market

Brent crude futures fell 32 cents, or 0.8%, to US$42.30 a barrel by 0418 GMT, after falling 31 cents on Monday.

Investors are focusing on the OPEC+ oil producer group's Joint Ministerial Monitoring Committee (JMMC) meeting later on Monday.

OPEC + countries need to continue to fully comply with their obligations under the oil production limitation agreement, as the market is not yet stable.

Quoting statistics, on the day's commodity market round off, United Kingdom crude falters 0.3 per cent to $42.93 a barrel, while the US WTI (West Texas Intermediate) crude oil futures' prices dipped marginally to wind down the day at $40.88 per barrel.

He said he was optimistic about outcome of the meeting and to see continuous cooperation between OPEC and non-OPEC countries, which was known as OPEC+, the Ministry of Oil quoted him as saying.

OPEC+ is set to ease its current supply cuts of 7.7 million barrels per day (bpd) by 2 million bpd in January.

First song of 'Laxxmi Bomb' to be released on October 18
This looks like a layered OOTD and with a stunning ensemble like this only a layered necklace will do the complete justice. Even though Akshay Kumar promises to gift Advani the Burj Khalifa , we never get to see the interiors of the landmark.

Meanwhile, worldwide coronavirus cases crossed 40 million on Monday, according to a Reuters tally.

The Kremlin said, Monday, that Russian Federation and Saudi Arabia have held talks on restoring stability to the global oil market, at a time when prices fluctuate around $40-43 for Brent crude.

The cuts come with the background of a renewed drop in demand due to the fresh wave of COVID-19 outbreaks and the restrictions therefore imposed by governments. The 70,000-barrels-per-day Abu Attifel oilfield is expected to begin its restart on October 24 after being shut down for months, two engineers said. Meanwhile, more US stimulus remained elusive as time draws short to reach an agreement on a bill that could pass by the election.

Bank of America projected Brent and WTI would average $44 and $40 per barrel in 2020, respectively, and $50 and $47 per barrel in 2021.

Oil prices fell today, Monday, after the growth of the Chinese economy in the third quarter of the year was less than expected, highlighting concerns about the impact of the growing Corona virus infections around the world on demand for the largest importer of crude in the world.

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