Oil Rises As Russia Indicates Its Open To Cuts With OPEC

Oil reversed course and rose as much as 2% on Nov. 29 after industry sources said Russia accepted the need to cut production with OPEC ahead of its meeting next week.

Prices in November were down nearly 22 % so far, set for the biggest monthly fall since the depths of the financial crisis in 2008.

A steady rise in crude supply from the United States, now the world’s top producer, has pressured prices along with Saudi Arabia’s insistence that it will not cut output on its own to stabilize the market. Brent crude slid early to another 2018 low below $58 per barrel.

Prices rebounded after sources said Russia would consider joining an effort to cut output along with Saudi Arabia and other members of OPEC.