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Oil edges up, but set to post second monthly fall on virus spread

Published 10/30/2020, 01:03 PM
Updated 10/30/2020, 01:10 PM
© Reuters.
LCO
-

* Brent, WTI set to post second monthly fall
* Saudi, Russia in favour of keeping OPEC+ output steady
into 2021

By Florence Tan
SINGAPORE, Oct 30 (Reuters) - Global oil prices edged up on
Friday, but are on track for a second monthly fall on growing
concerns that the rise in COVID-19 cases in Europe and the
United States could hurt fuel consumption.
Brent crude LCOc1 edged up 15 cents to $37.80 a barrel by
0451 GMT after touching a five-month low in the previous session
while U.S. West Texas Intermediate (WTI) crude was at $36.27 a
barrel, up 10 cents.
"It looks like a dead cat bounce at this stage," said
Jeffrey Halley, senior market analyst, Asia Pacific, OANDA in
Singapore.
"With a European slowdown jeopardising global consumption
and the return of Libyan production, the onus must now fall on
OPEC+ to reconsider their 2 million barrel per day production
increases in January."
He added that oil prices are unlikely to sustain any rally
in this environment short of a statement from OPEC+.
The Organization of the Petroleum Exporting Countries and
their allies including Russia, a group known as OPEC+, are
expected to raise their output by 2 million bpd in January as
part of their production agreement.
However, top producers Saudi Arabia and Russia are in favour
of maintaining the group's output reduction of about 7.7 million
bpd currently into next year as renewed lockdowns in Europe are
threatening to cool demand again.

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