Oil rises, but goes to weekly loss as the market awaits OPECS November decision

Through Arathy Somasekhar Houston oil prices rose on Friday, but was on their way to a weekly loss of about 7% or more after news about possible increases to OPEC offer. Brent Ru futures have 64 cents, or 1%, at $ 64.75 a barrel at 12:17 p.m. The US Western Texas -Intermediate crude oil rose by 72 cents, or 1.2%, at $ 61.17. For the week, Brent traded 7.6% and WTI was on track for a 7% drop. “Oil prices stabilize at $ 60.00 a barrel after falling 7.5% this week and reaching a 16 -week low,” said Fiona Cincotta, senior analyst of the market at City Index. “The market is the weekend before the OPEC meeting, where the group can agree to increase production with anywhere between 274,000 and 411,000 barrels per day. It is two to three times higher than the increase in October, as Saudi Arabia wants to regain the market share.” Eight OPEC countries are likely to further increase oil production on Sunday, with the leader of the Saudi Arabia group doing a major increase in regaining the market share, and Russia indicates a more modest increase, four people with knowledge of the OPEC talks said. Potential higher OPEC offer and the slowdown of global crude refineries due to maintenance and a seasonal decline in demand in the coming months, the market sentiment will weigh, analysts said. “Question indicators got a touch through the Atlantic pelvis as the demand for summer comes to an end. The overseas implied balance from a fundamental perspective starting in October is to get land,” said Rystad Energy analyst Janiv Shah. JPMorgan analysts, meanwhile, said they believe that September is a turning point, with the oil market on the way to a significant surplus in the fourth quarter and in next year. Elsewhere on Friday, a fire broke out overnight at Chevron’s El Segundo refinery, although an official of the province said the flames were limited to one area. The refinery is one of the largest on the US West Coast, with a capacity of 290,000 hp. It was not immediately clear whether there was an impact on production, but the impact on oil prices could be limited, analysts said. “The El Segundo refinery is on the West Coast, isolated from the rest of the US in terms of domestic oil flow; its impact is probably negligible,” said PVM analyst Tamas Varga. Saxo bank analyst Ole Hansen said: “Apart from lifting all increased petrol prices in California, I don’t think the fire should have a broader market impact.” This article was generated from an automated news agency feed without edits to text.