Oil rises to $58.53; lifted by OPEC cuts, steadying stock market

Oil prices down despite Saudi export cuts

Saudi-led OPEC and Russian Federation agreed on December 7 to curb their total crude oil production by 1.2 mbpd beginning on January 1 for six months, but the plan so far has had little impact on crude prices. Oil futures have gained more than 7 percent since last Monday.

WTI crude for February delivery rose as much as 77 cents to $49.29 a barrel in New York, Brent crude for March settlement gained 97 cents to $58.30 a barrel in London.

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading marginally higher on Tuesday after finishing mixed the previous session.

Crude prices so far in 2019 have been buoyed by supply cuts from the Organization of the Petroleum Exporting Countries including top exporter Saudi Arabia, as well as non-member Russian Federation.

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Apicorp noted that the cuts to production undertaken by Opec and allies may not be sufficient to balance the market, which may see build up of inventory levels, particularly as USA shale is expected to top 12 million bpd during the second half of the year.

The first trading day of the week was also stimulated by declining US crude inventories.

Rising production from North American shale basins, particularly the U.S., which surged past 11 million bpd in August, outpaced sovereign producers Saudi Arabia and Russian Federation and was one of the factors behind the market's oversupply, the report said.

Consultancy JBC Energy said it was likely that United States crude oil production was already "significantly above 12 million bpd" by early January.

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As a result, U.S. crude oil production rose by a whopping 2 million barrels per day (bpd) past year to a world record 11.7 million bpd.

The API was also said to report that USA crude inventories fell by 6.13 MMbbl last week.

According to agency reports, more upbeat equity markets also offered support. "When stock markets are strong oil usually follows suit", PVM Oil Associates strategist Tamas Varga said. Though it will enjoy a portion of support from the lower oil prices, the comprehensive economic growth across the world may slow down significantly, resulting in tumbling market conditions.

Goldman Sachs downgraded its 2019 crude oil price view, but forecast a recovery from present levels in the absence of a "large" global economic slowdown and improving fundamentals along with signs of major producers trimming their production.

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"Oil prices are projected to be flat, on average, during 2019-21, at $67 per barrel, potentially limiting fiscal and export revenue increases in oil-producing economies", the WB analysts say adding that the uncertainty of the forecasts is high.

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