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Oil prices rise as producers confirm output cuts; China data deluge due By Investing.com

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AuthorPeter NurseCommodities1&nbsp;LCO+0.38%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseCL+0.01%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionClose2222+0.45%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseInvesting.com -- Oil prices rose Monday, rebounding after last week’s hefty losses on the expectation of a tight supply situation for the rest of the year after a couple of major producers reaffirmed their commitment to extra voluntary output cuts.New York-traded , or WTI, crude for December delivery, settled at $80.82, up 31 cents, or 0.4%.UK-origin crude for January delivery settled at $85.18, up 29 cents , or 0.3%.Major suppliers Saudi Arabia and Russia confirmed on Sunday that they will maintain their ongoing supply reductions until the end of the year, heralding tighter oil markets.“The confirmation from these producers that they would continue with cuts shouldn’t come as too much of a surprise. However, what the market will be more interested in is if they extend these cuts into early 2024,” said analysts at ING, in a note.&nbsp;“Our oil balance shows that the market will be in surplus in 1Q24, which may be enough to convince the Saudis and Russians to continue with cuts through the seasonally weaker demand period of Q1.”Adding to the potential for further supply tightness, the fell by eight over the last week to 496, according to Baker Hughes data, breaking three consecutive weeks of increases.“The lack of response from U.S. producers to the current price environment will likely give the Saudis confidence to continue holding supply from the market without the risk of losing a large amount of market share to U.S. producers,” ING added.&nbsp;The market is rebounding after both benchmarks lost about 6% last week, as traders priced in a much lower risk premium from the Israel-Hamas war, given that fears of supply disruptions in the Middle East have not materialized.&nbsp;Israel has rebuffed mounting international pressure for a ceasefire, but a U.S. diplomatic blitz in the region has so far contributed towards the conflict escalating.Crude markets were now focused squarely on key economic readings from China, due later in the week. Chinese is due on Tuesday and is expected to provide more cues on commodity demand in the country.&nbsp;While China’s oil imports and fuel demand have remained robust this year, the country has been steadily increasing its stockpiles, which could spur a drop in imports over the coming months. Traders also fear a drop in fuel demand, especially if economic conditions worsen.due on Thursday is expected to offer more insight into spending patterns in the world’s largest oil importer, which has been grappling with disinflation in recent months.While China’s third-quarter grew more than expected, a string of weak readings for October showed that business activity remained laggard, potentially heralding a weaker fourth quarter.&nbsp;(Barani Krishnan contributed to this article.)Oil prices rise as producers confirm output cuts; China data deluge due1Comments (1)1Add a CommentComment Guidelines&nbsp;I have read Investing.com's comments guidelines and agree to the terms described.I AgreeWrite your thoughts hereAre you sure you want to delete this chart?Delete Cancel&nbsp;PostReplace the attached chart with a new chart ?Replace CancelComment GuidelinesShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveReplyAre you sure you want to delete this chart?Delete Cancel&nbsp;PostReplace the attached chart with a new chart ?Replace CancelComment GuidelinesAdd Chart to CommentCancelAttachConfirm BlockAre you sure you want to block %USER_NAME%?By doing so, you and %USER_NAME% will not be able to seeany of each other's Investing.com's posts.%USER_NAME% was successfully added to your Block ListSince you’ve just unblocked this person, you must wait 48 hours before renewing the block.Confirm Block CancelOkReport this commentI feel that this comment is:SpamOffensiveSubmitComment flaggedThank You!Your report has been sent to our moderators for reviewCloseTabs SelectionIndicesCommoditiesBondsStocksCryptoForexETFsApply&nbsp;US 3034,048.7-47.2-0.14%&nbsp;&nbsp;US 5004,359.1-6.9-0.16%&nbsp;&nbsp;Dow Jones34,095.86+34.54+0.10%&nbsp;&nbsp;S&amp;P 5004,365.98+7.64+0.18%&nbsp;&nbsp;Nasdaq13,518.78+40.50+0.30%&nbsp;&nbsp;S&amp;P 500 VIX14.89-0.02-0.13%&nbsp;&nbsp;Dollar Index105.115+0.256+0.24%&nbsp;&nbsp;Crude Oil WTI80.83+0.01+0.01%&nbsp;&nbsp;Brent Oil85.21+0.32+0.38%&nbsp;&nbsp;Natural Gas3.287+0.012+0.37%&nbsp;&nbsp;Gold1,983.05-5.55-0.28%&nbsp;&nbsp;Silver23.055-0.179-0.77%&nbsp;&nbsp;Copper3.7105-0.0023-0.06%&nbsp;&nbsp;US Soybeans1,362.50+10.50+0.78%&nbsp;&nbsp;U.S. 10Y4.634-0.032-0.69%&nbsp;&nbsp;U.S. 30Y4.797-0.034-0.71%&nbsp;&nbsp;U.S. 5Y4.575-0.034-0.73%&nbsp;&nbsp;U.S. 3M5.450+0.024+0.44%&nbsp;&nbsp;US 10Y T-Note107.81+0.22+0.20%&nbsp;&nbsp;Euro Bund129.63+0.10+0.08%&nbsp;&nbsp;10-2 Yield Spread-27.05+6.61+-19.64%&nbsp;&nbsp;Apple179.23+2.58+1.46%&nbsp;&nbsp;Alphabet A130.25+1.15+0.89%&nbsp;&nbsp;Tesla219.27-0.69-0.31%&nbsp;&nbsp;Amazon.com139.74+1.14+0.82%&nbsp;&nbsp;Netflix434.74+2.38+0.55%&nbsp;&nbsp;Meta Platforms315.80+1.20+0.38%&nbsp;&nbsp;Bank of America28.33-0.09-0.32%&nbsp;Most Popular ArticlesStock Market Today: Dow ends higher, but rising Treasury yields keep...Oil prices rise as producers confirm output cuts; China data deluge...Dow Jones, Nasdaq, S&amp;P 500 weekly preview: Fed sparks a massive rallyWall St extends winning streak; eyes Fed speakers, Treasury auctionsBuffett sells BYD shares; a 51% WeWork bid: Insider trades &amp; hedge...More News&nbsp;1 Stock to Buy, 1 Stock to Sell This Week: Uber, DisneyBerkshire Hathaway Reports Increased Liquidity: Buffett Gearing Up for...Build a Recession-Proof Portfolio With the 'I Dream of Dividends'...Risk-On Sentiment Sends US Dollar Lower: Is Euro Parity Slipping Away?Russell 2000 Eyes 200-DMA Test; S&amp;P 500, Nasdaq Back Above Rising...More Analysis&nbsp;Sign up with Email

AuthorPeter NurseCommodities1&nbsp;LCO+0.38%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseCL+0.01%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionClose2222+0.45%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseInvesting.com -- Oil prices rose Monday, rebounding after last week’s hefty losses on the expectation of a tight supply situation for the rest of the year after a couple of major producers reaffirmed their commitment to extra voluntary output cuts.New...

Oil prices rise as producers confirm output cuts; China data deluge due By Investing.com

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