Oil Snaps Record Losing Streak as Stronger OPEC Cuts Seen Likely - Bloomberg

Oil Snaps Record Losing Streak as Stronger OPEC Cuts Seen Likely - Bloomberg:

Oil rose, ending its longest string of declines amid strengthening signals that OPEC and allied producers are considering production cuts as soon as next year.

Futures in New York climbed 1 percent on Wednesday, breaking a 12-day slump. OPEC and its partners are said to be discussing a deeper-than-anticipated output cut. Meanwhile, cartel President Suhail Al Mazrouei said Wednesday that supplies will be curtailed as needed to balance the market.

“A lot of folks threw in the towel and got as bearish as can be so now it was ripe for us to at least attempt to move back higher,” said John Kilduff, a partner at New York-based hedge fund Again Capital LLC. Signals of impending supply cuts “helped stock the bullish spirits back in here for the first time in a while.”