Mubasher: Barclays on Monday stated that the level of oil production cuts would be more important to be determined than the effective period.
The British bank stressed that it expected that the output-cut deal would be extended to another six or nine months at the meeting scheduled to be held on 30 November, according to an official statement.
Brent crude will stabilise above $60 per barrel in the fourth quarter of 2017 to drop to $55 in 2018, the bank forecast.
“Brent crude oil futures have been stronger than WTI due to an effort by OPEC and a group of other producers, including Russia, to withhold 1.8 million barrels per day of output since January,” Barclays revealed.
By 12:40 GMT, WTI Crude Oil (Nymex) decreased by 1.09% to $58.31 per barrel, while Brent Crude declined by 0.63% to $63.46 per barrel.
