Oil rises as Russian Federation indicates open to cuts with OPEC

West Texas Oil

Investors are focused on this weekend's G-20 summit in Argentina, where leaders from the U.S., Russian Federation and Saudi Arabia - the world's three biggest oil producers - will gather in a prelude to OPEC's meeting next week in Vienna.

Abuja/Moscow: Saudi Arabia will not cut oil output on its own to stabilise the market, Energy Minister Khalid al-Falih said on Wednesday as Nigeria and Russian Federation said it is too early to signal whether they would join any production curbs.

Before the OPEC meeting in Vienna, the world's top three producers - the United States, Russia and Saudi Arabia - will be part of a meeting this weekend of the Group of 20 industrialized nations in Buenos Aires, Argentina. "The key question is how quickly and by how much", said one source familiar with the talks between Russian oil firms and the ministry.

"We are now in contact with OPEC and if needed, we will continue this joint work", Putin said at an investment forum on Wednesday.

Markets unnerved ahead of next week's OPEC meeting, expected OPEC output cuts.

Saudi Arabia is coming under renewed pressure from U.S. President Donald Trump, who has asked the kingdom to refrain from output reductions and help to lower oil prices further.

At 10:10 a.m. EDT on Thursday, WTI Crude rallied 2.05 percent at $51.32, while Brent Crude was up 1.35 percent at $59.89.

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"The aggressive move down from 86 $/b in Brent to below 60 $/b, has to a large extent been in conjunction with falls in equities, as speculative investors sold oil".

USA energy firms this week added oil rigs for a third week in four and increased the rig count for the fifth month in a row, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.

Oil inventories are rising fast in the United States, where commercial crude stocks C-STK-T-EIA rose by 3.6 million barrels in the week to November 23 to 450.49 million barrels, according to the Energy Information Administration (EIA). To this end, the group will be contemplating cutting oil output by 1 million barrels of oil per day.

Now, with West Texas crude inching below $50 a barrel, the Saudis are alarmed.

Investors in commodity markets are looking ahead to the meeting of leaders of the Group of 20 nations (G20), the world's biggest economies, on November 30 and December 1, with the U.S.

The supply and demand fundamentals remain bearish, but the early price action suggests the technical picture may be improving. It lacks the financial reserves of 2014, the last time it decided against cutting output to support prices and instead chose to fight a price war against USA shale producers.

Also, increased cautiousness ahead of Friday's Trump-Xi meeting on trade keeps the black gold on the defensive.

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