Oil prices rose on Friday, hitting three-month highs after data showed record online spending by US consumers, stoking faith in the world's no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing, Trend with reference to Reuters reports.
"We can consider any options, including gradual easing of quotas, including continuation of the deal", Novak told Russia's RBC TV in an interview recorded last week, adding that Russia's oil output was set to hit a record high this year. As one of the architects of the OPEC+ deal, Russia's view is key, though the nation's oil producers have long pushed for a relaxation of output curbs.
These were the details of the news Russia's Novak says OPEC+ may consider ending oil output cuts this year for this day.
The Organization of the Petroleum Exporting Countries and other top producing nations led by Russian Federation agreed this month to extend and deepen output cuts in the first quarter of 2020. Growth in production in the U.S.is forecast by many to slow, however.
US stockpiles dropped 7.9 million barrels last week, Reuters reported, citing American Petroleum Institute data.
U.S. President Donald Trump told reporters on Tuesday that his country and China will hold a formal ceremony to sign the phase one trade deal that was reached on December 13. -China trade deal fueled a year-end stock market rally.
Trump warns of 'carnage' in rebel stronghold in Syria
The city is on an important highway that connects the capital Damascus with the northern city of Aleppo, the largest in Syria. More than a million Syrians fleeing the fighting have amassed near the Turkish border, according to Anadolu .
Oil prices have been mostly bolstered by more optimistic expectations for the global economy and Sino-American trade developments.
In the United States, a survey on Thursday showed online holiday purchases by USA consumers reached a record, beating analysts' expectations and lifting US stocks to fresh highs.
Still, U.S. producers, not party to the OPEC+ agreement, have been pumping record amounts of oil, especially shale.
Another problem crude oil bulls are facing is rising Non-OPEC global supply. The oil fields at the so-called neutral zone can produce as much as 500,000 barrels a day - more than each of OPEC's three smallest members pumped last month.
That has helped swell inventories, which have been stubbornly resistant to drawdowns.
Trading volume remains low because of the Christmas holidays, which have delayed the release of the United States government's official oil inventory report by two days until Friday. The report is normally released on Wednesday at 10:30 am EST (1530 GMT).