Oil prices were toppled from their highest in nearly two months on Friday by dou...
FILE PHOTO: An oil pump is seen just after sunset outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann/File Photo
That was more than enough to offset news of a likely extension of production cuts among major producers that drove prices higher in the previous session on the prospect of tight crude supply. “The key factor for the demand outlook for oil is the trade negotiation currently going on,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking in Sydney.
Prices had touched their highest since late September on Thursday after Reuters reported that the Organization of the Petroleum Exporting Countries and Russia are likely to extend existing production cuts by another three months to mid-2020 when they meet on Dec. 5.
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