The Organization of Petroleum Exporting Countries and its allies may discuss the possibility of cutting production again next year when they meet in Abu Dhabi on Sunday. Total volume traded was 23 percent below the 100-day average.Brent futures for January settlement gained 19 cents to $72.26 a barrel on the London-based ICE Futures Europe exchange. Prices lost 1.5 percent in the previous two sessions. Pressure is likely to decrease from the U.S. to lower prices as the country’s midterm elections are over. Domestic production surged to a record 11.6 million barrels a day, while stockpiles at the nation’s storage hub of Cushing, Oklahoma, increased by 2.42 million barrels.

Source: thestar November 08, 2018 07:21 UTC