Brent crude futures rose 49 cents to settle at US$73.93 a barrel, a 0.67 percent gain. U.S. West Texas Intermediate (WTI) crude futures rose 78 cents to settle at $69.30 a barrel, a 1.14 percent gain. (Crude oil storage tanks are seen at the oil hub in Cushing, Oklahoma. - Reuters filepic)
WHAT a difference a month can make. The crude oil market has gone from worrying about not having enough supply to fretting that prices are being overwhelmed by a glut.
The main news from Sunday’s meeting of producers in Abu Dhabi is that Saudi Arabia is planning to cut the amount it supplies in December by 500,000 barrels per day (bpd) from November levels.
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