COMMODITY
Crude oil futures end flat on Thursday
Dec-06-2019

Crude oil futures ended flat on Thursday as traders awaited the outcome of the Organization of the Petroleum Exporting Countries (OPEC) meet in Vienna. According to private reports, OPEC and allies led by Russia are planning to deepen output cuts to prevent oversupply. Currently, the oil cartel is curbing supply by 1.2 million barrels per day. The existing curbs are set to expire in March. Now, the OPEC and allies are considering to deepen cuts by 500,000 barrels per day. The cuts would last through the first quarter of 2020 as against calls for extending cuts until June or December 2020. Besides, the Energy Information Administration (EIA) reported that domestic supplies of natural gas fell by 19 billion cubic feet for the week ended November 29.

Benchmark crude oil futures for January settled flat at $58.43 a barrel on the New York Mercantile Exchange. However, January Brent gained 39 cents or 0.6 percent to settle at $63.39 a barrel on London's Intercontinental Exchange.

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