The price of oil was slightly changed on early Monday as it secured most of its gains attained on the previous week. OPEC along with other oil producers met in Vienna and talked about how the market was already on its way on controlling oversupply.
Crude oil in the United States rose as high as 0.2 percent on the previous session but lost about 4 cents to settle at $50.62 per barrel for its November delivery on Monday. Meanwhile, the international benchmark for oil prices Brent crude futures advanced more than 0.8 percent last session and adds 1 cent to $56.87 per barrel.
According to the oil minister of Kuwait Essam al-Marzouq, the oil market improved immensely ever since their previous meeting last July. He chaired the Joint Ministerial Monitoring Committee last Friday. Meanwhile, the oil minister of Russia didn’t mention its decision on production cut extensions beyond the end of March 2018, even though several ministers recommended that kind of decision could be made before this year ends.
The oil market is also cautiously keeping an eye on the rising geopolitical tensions surrounding the Korean Peninsula. This happened after the foreign minister of North Korea said to the United Nations last Saturday that U.S. President Donald Trump made their rockets unavoidable to visit the entire U.S. mainland.
The Organization of the Petroleum Exporting Countries (OPEC), and other oil producers, including Russia, has agreed to reduce output more than 1.8 million barrels per day which began in January this year. This is already supported a rise in oil prices by 15 percent for the past quarter.