OPEC, Canada Make Moves to Raise Crude Prices

Saudi Arabia Crown Prince Salman and President Putin strikes agreement on oil output cut

Losses were limited on Friday, however, on hopes of a production cut agreement.

On Monday, oil prices jumped as USA largest online shopping day boosted stock markets and investors anticipated the upcoming meeting by the Organization of the Petroleum Exporting Countries (OPEC) to cut output worldwide.

"If at this week's OPEC meeting we receive confirmation that production cuts are coming the markets way, this may put some sort of a base under oil prices moving forward".

Investors remained doubtful over potential supply cuts, which tops the agenda of a meeting between Saudi-led OPEC and its allies in Vienna.

Russian President Vladimir Putin announced the extension after a meeting Saturday on the sidelines of the Group of 20 with Saudi Arabian Crown Prince Mohammed bin Salman.

U.S. West Texas Intermediate and global benchmark Brent crude oil futures spiked higher early Monday after the United States and China agreed to a 90-day truce in their trade war over the week-end at the G20 summit in Argentina. A decision by Canada's province of Alberta to curtail production gave a further boost to futures.

The focus now shifts to a meeting by OPEC on December 6. "We are going to survey together the market situation with Saudi Arabia and respond to it operationally". "But the details are now what matter - how much will be cut, from when, for how long and, crucially, from what baselines".

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Both main contracts have plunged by about a third since hitting four-year highs at the start of October, hit by a number of factors including easing demand, high production, softer-than-expected United States sanctions on Iran and a global growth slowdown.

Most analysts expect a cut of around one million barrels per day, but some say this may not be enough to arrest the decline in prices.

USA light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 percent, before easing to around $53.00 by 0930 GMT.

"It's always more impactful when everyone joins the fray", said Stephen Innes, head of Asia Pacific trading at Oanda Corp.

France's President Emmanuel Macron, who has faced intense protests against growing gasoline prices in his country, also called for cheaper oil at the G-20 summit. The cable broadcaster reports that USA crude oil prices have crashed nearly 26 per cent from their peak in October as fear of a shortfall in supply has turned into talk of a glut. Its November production surged to an all-time record above 11 million barrels a day as prices swooned, prompting a jubilant response on Twitter from the White House.

There was no immediate word from the Saudis, but financial markets have been expecting the deal to be renewed between the kingdom and non-OPEC member Russian Federation as the cartel prepares to meet next week in Vienna.

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