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A few days ago, the Saudi cabinet said that the country is ready to work with OPEC members and other oil producers to maintain the stability
of the crude oil market.
Some investors interpreted this as a possible Saudi Arabia pushing the oil group to cut production and raise prices
at the December 4 OPEC meeting.
Saudi Arabia is OPEC's most influential member, with production exceeding its target
of 30 million barrels per day for months.
The Saudi statement comes as oil prices are holding just above a two-and-a-half-month low, which the market has welcomed and questioned
.
Despite similar commitments before, Saudi Arabia and other OPEC producers continue to keep production high to
protect market share.
Oil prices have been cut
in the past year.
OPEC will meet in December to discuss production targets
.
Crude oil futures rebounded
from a 3.
6 percent decline after the Saudi news agency reported on the Saudi stance.
But oil prices pared gains as signs of a growing oversupply loot
.
Market intelligence firm Genscape reported a 2.
2 million barrel
increase in Cushing crude inventories in the week ended Nov.
20, according to traders with knowledge of the data.
Michael Corcelli, chief investment officer at hedge fund Alexander Alternative Capital, said the Saudi statement did not represent a change in its stance, but the market was very sensitive
given the heavy short position.
Despite continued concerns about strong supply, some analysts believe the crude oil market may be brewing a rebound as traders betting on lower oil prices cover short positions ahead of the U.
S.
holiday later this week and OPEC meets
next week.
A few days ago, the Saudi cabinet said that the country is ready to work with OPEC members and other oil producers to maintain the stability
of the crude oil market.
Some investors interpreted this as a possible Saudi Arabia pushing the oil group to cut production and raise prices
at the December 4 OPEC meeting.
Saudi Arabia is OPEC's most influential member, with production exceeding its target
of 30 million barrels per day for months.
The Saudi statement comes as oil prices are holding just above a two-and-a-half-month low, which the market has welcomed and questioned
.
Despite similar commitments before, Saudi Arabia and other OPEC producers continue to keep production high to
protect market share.
Oil prices have been cut
in the past year.
OPEC will meet in December to discuss production targets
.
Crude oil futures rebounded
from a 3.
6 percent decline after the Saudi news agency reported on the Saudi stance.
But oil prices pared gains as signs of a growing oversupply loot
.
Market intelligence firm Genscape reported a 2.
2 million barrel
increase in Cushing crude inventories in the week ended Nov.
20, according to traders with knowledge of the data.
Michael Corcelli, chief investment officer at hedge fund Alexander Alternative Capital, said the Saudi statement did not represent a change in its stance, but the market was very sensitive
given the heavy short position.
Despite continued concerns about strong supply, some analysts believe the crude oil market may be brewing a rebound as traders betting on lower oil prices cover short positions ahead of the U.
S.
holiday later this week and OPEC meets
next week.
