Oil rose about 1% on 14 November, rebounding from a record 12 days of declines and a 7% slump the previous day, as traders weighed the growing likelihood that the Organization of the Petroleum Exporting Countries (OPEC) and allied producers would cut output at a meeting next month to prop up prices. In its monthly report, the Paris-based International Energy Agency (IEA) said the implied stock build for the first half of 2019 is 2 million bpd. The price rally was driven by expectations for an OPEC deal in Doha this week, which could see oil prices rise above $100 per barrel.
Oil rose about 1% on 14 November, rebounding from a record 12 days of declines and a 7% slump the previous day, as traders weighed the growing likelihood that the Organization of the Petroleum Exporting Countries (OPEC) and allied producers would cut output at a meeting next month to prop up prices. The price rally was driven by expectations for an OPEC deal in Doha this week, which could see oil prices rise above $100 per barrel.