Kotak positive on GAIL, ONGC after OPEC production cut decision

US investment banks see low oil prices despite OPEC cut

Kotak positive on GAIL, ONGC after OPEC production cut decision

If we do see further contractions to U.S. stockpiles, there is a strong chance that we will see crude start to gain ground.

The global benchmark Brent crude was trading at $62.06 per barrel with a 0.6 percent gain at 0610 GMT, after closing Friday at $61.67 a barrel, while the American benchmark West Texas Intermediate was up 0.3 percent at $52.55 a barrel.

Daily oil production stood at 801,000 barrels in November 2018, of which 733,000 barrels accounted for crude oil and 68,000 barrels for condensate, while 6,000 barrels of oil products were exported.

"The dollar is a bit weaker, but other than that, I don't see any reason why this market should rally right now. It fell quite hard yesterday, so it might correct higher", PVM Oil Associates Tamas Varga said.

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Global stocks have fallen by more than 5 percent so far this month on worries about the impact of a US trade dispute with China on economic growth.

They claim the Fezzan region has suffered decades of neglect and demanded revenue of the oil produced from local fields be used to fund development projects.

Tuesday's dip in the USA dollar offered some respite.

The forced shutdown of the Sharara oilfield, in the remote southwestern portion of the Libyan Desert, will affect 315,000 barrels per day (Bpd) of production.

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Russian Federation said on Tuesday it planned to cut oil output by just 50,000 to 60,000 bpd.in January, as it gradually builds to an agreed cut of 220,000 bpd.

"The more OPEC+ tries to support prices by withholding oil from the market, the more they give the US shale sector an out from rationing supply growth themselves", it added.

The Organization of the Petroleum Exporting Countries (OPEC) and some of the heavyweights in the sector from outside the organization, including Russian Federation, agreed on Friday on the reduction of oil supply by 1.2 million barrels per day.

Oil prices remained on shaky ground on Tuesday after sliding by 3 percent the previous day, pressured by weakness in global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply. That is the lowest level since September 20, 2016.

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