The prices for crude oil benchmarks stabilized on Tuesday after the decline on Monday. Slight changes are due to investors’ anticipation of OPEC+ meeting, after which the further oil production cuts will be decided.
January Brent futures were 0.5 cents or 0.08 % up, at 62.27 on Tuesday morning. At the end of ICE Futures trading session on Monday evening, the contracts price went down by 5 cents or 0,8 %, to $62.22 a barrel.
January WTI futures were 0.5 cents or 0.09% up, at 56.61 on Tuesday morning. The contract price dropped by 29 cents or 0.51%, to $56.42 a barrel at the end of NYMEX trading session on Monday evening.
According to Schneider Electric market analyst, Iran, UAE and other OPEC countries are willing to extend the oil production cuts deal at the following meeting. Russia hasn't decided on the agreement yet, previously the energy minister stated that it was too early to discuss the agreement extension and the discussion should be delayed until next year.