Crude Oil Scenario: Date : 10/12/18

petrotahlil:Today Crude Oil prices rose extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January. Despite this, the outlook for next year remains muted on the back of an economic slowdown.

Brent crude oil futures were at $62.21 per barrel at 0218 GMT, up 54 cents, or 0.9 per cent, West Texas Intermediate (WTI) crude futures were at $52.63 per barrel, up 2 cents,from their last close. On Friday, OPEC and non-OPEC producers announced they would cut oil supply by 1.2 million bpd, with an 800,000 bpd reduction planned by OPEC-members and 400,000 bpd by countries not affiliated with the group.

China, the world's biggest oil importer, over the weekend reported an annualised 8.5 per cent jump in November crude imports, to 10.43 million bpd, marking the first time China imported more than 10 million bpd. That leaves the world's second-biggest economy on track to set yet another annual import record.