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Oil Prices Advance on Potential OPEC Output Slash by www.expertcommodity.com Oil prices gained on Tuesday morning in Asia as it is widely expected that OPEC will cut its output as Russia and Saudi Arabia vowed to manage global glut. Crude Oil WTI Futures for January delivery rose 1.1% to $53.53 a barrel on the New York Mercantile Exchange, while Brent Oil Futures for February delivery edged up 0.74% to $62.26 per barrel on London’s Intercontinental Exchange. The Organization of the Petroleum Exporting Countries (OPEC) and its alliances are set to gather in Vienna, Austria on Thursday to reach an output decision. Its de-facto leader Saudi Arabia proposed a crude slash of 1 million to 1.4 million barrels per day (bpd). Russian President Vladimir Putin and the kingdom’s leader Prince Mohammad bin Salman agreed to manage the market at the G20 summit last week. “We expect OPEC to follow suit and agree to production cut in Vienna this coming Thursday. ...
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