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2019.11.2119:14:00UTC+00Oil Futures Recover After Early Losses, Settle At Near 2-month High

Crude oil prices rebounded from early losses and moved higher to hit their best levels in almost two months on Thursday, reacting to reports that OPEC and its allies will likely extent output cuts beyond March 2020.

OPEC members and allies are scheduled to meet in Vienna on December 5-6. It is widely speculated that the cartel will consider extending output cuts until the middle of next year.

Russian President Vladimir Putin said on Wednesday that Russia and the Organization of the Petroleum Exporting Countries have "a common goal" of keeping the oil market balanced and predictable for consumers and producers.

Saudi Arabia's King Salman said that the kingdom's oil policy aims to promote stability in global oil markets.

West Texas Intermediate Crude oil futures for January ended up $1.57, or about 2.8%, at $58.58 a barrel on Thursday, the highest settlement in about two months.

Oil prices drifted lower early on in the session amid concerns about an imminent delay in the U.S. and China signing an interim trade deal.

U.S. President Donald Trump told reporters on Wednesday that he has not made a trade deal with China yet because Beijing is not "stepping up" in negotiations. "I don't think they're stepping up to the level that I want," he said.

Additionally, the passage of a Senate bill supporting protesters in Hong Kong by the U.S. House of Representatives and the warning issued to China about human rights added to the tensions between the world's two largest economies.

Meanwhile, according to reports, Chinese Vice-Premier Liu He has reportedly invited U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing for further negotiations.



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