Oil edges lower amid doubts over OPEC cuts

TOKYO, Nov 5 (Reuters) - Oil prices slipped on Tuesday amid
doubts over whether OPEC and other countries will continue to
restrain output, edging lower after two days of gains on U.S.
economic data and hopes for a Washington-Beijing trade deal.
Brent crude futures LCOc1 were down 14 cents, or 0.2%, at
$61.99 a barrel, having gained 0.7% in the previous session.
U.S. crude futures CLc1 were down 18 cents, or 0.3%, at
$56.36 a barrel. They gained 0.6% on Monday.
Markets have been eyeing a possible extension, or even a
deepening, early next year of OPEC's current production curbs,
which have been supporting oil prices.
"OPEC might fall short of consensus to act in January given
signs of disharmony in the ranks," said Stephen Innes, market
strategist at AxiTraders.
Russia lowered its oil output C-RU-OUT to 11.23 million
barrels per day (bpd) last month from 11.25 million bpd in
September, but again missed its obligations under a pact to curb
production. The Organization of the Petroleum Exporting Countries
(OPEC), Russia and other producers - a group known as OPEC+ -
have since January implemented a deal to cut oil output by 1.2
million barrels per day.
OPEC output rose in October from an eight-year low as a
rapid recovery in Saudi Arabian production from attacks on oil
plants more than offset losses in Ecuador and voluntary curbs
under a supply pact, a Reuters survey found last week.
Still, prices are supported by signs that the U.S.-China
trade war will be resolved and firmer economic numbers.
Chinese President Xi Jinping and U.S. President Donald Trump
have been in continuous touch through "various means," China
said on Monday, when asked when and where the two leaders might
meet to sign a trade deal.
Improved U.S. jobs growth numbers in October and the upward
revisions of the two previous months is helping support oil
prices, analysts said. Oil investors are also closely watching the initial public
offering of Saudi Arabia's state oil company, Saudi Aramco, in
what is expected to be the world's biggest listing as the
kingdom seeks to cash in on peaking demand for oil.
Aramco's chairman Yasser al-Rumayyan said on Sunday the
state oil giant would continue to meet its global oil supply
demand after it lists on the Riyadh bourse.