Oil's Volatile Stretch Continues Ahead of OPEC Decision

Oil's Volatile Stretch Continues Ahead of OPEC Decision

access_time2019-12-06 10:00:02


 Oil prices rose near their highest level in two months, extending a recent stretch of volatility as analysts await an OPEC decision about the cartel's supply cuts.

 

Government data are expected to show that U.S. natural-gas inventories decreased by 26 billion cubic feet last week, which would be less than usual for this time of year as warmer weather reduced gas-fired heating demand.

 

Saudi Arabia is threatening to boost oil production unilaterally if some OPEC nations continue to defy the cartel's output curbs, cartel officials say.

 


U.S. inventories of crude oil fell much more than expected last week as refinery activity sped up, according to data from the Energy Information Administration.


Chesapeake Energy's bonds and shares rallied after the natural gas producer said that it is launching a set of refinancing and exchange transactions.

 

Iraq and other oil-exporting nations will support deeper production cuts from the Organization of the Petroleum Exporting Countries and its allies as the cartel attempts to shore up sagging oil prices.

The oil patch is facing a reckoning in coming years when billions of dollars of debt that helped energy companies weather the prolonged commodity price slump comes due.

 

Oil prices have stayed in a contained range that analysts say benefits both producers and consumers, bolstering hopes that the global economy can rebound.

 

Saudi Arabia's push to extend OPEC's oil production cuts justifies investor concerns about the company's close relationship with the state.

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