TOKYO, Oct 28 (Reuters) - Oil prices were steady on Monday, holding on to strong gains last week, after Russia affirmed its commitment to a deal with OPEC producers to keep production in check and support prices.
Brent crude LCOc1 was down 1 cent at $62.01 a barrel by 0055 GMT, having logged a weekly gain of more than 4% last week, its best weekly gain since Sept. 20.
West Texas Intermediate (WTI) crude futures CLc1 were down 4 cents at $56.62 a barrel, having risen more than 5% last week, also the biggest weekly increase since Sept. 20.
Russia's energy ministry said on Friday it is continuing close cooperation with Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers to enhance market stability and predictability. statement came a day after Igor Sechin, CEO of Russian oil producer, Rosneft ROSN.MM , said the September attacks on Saudi oil assets created doubts over its reliability as a supplier. The attacks temporarily shut down around half of the kingdom's oil output. oil companies have wanted to get busy stealing oil market share from the Saudis and others for a few years now but ... Moscow has them in a bit of a box and is driving the bus," said Greg McKenna, strategist at McKenna Macro.
OPEC+, an alliance of OPEC members and other major producers including Russia, has since January implemented a deal to cut output by 1.2 million bpd to support the market.
The pact runs to March 2020 and the producers meet to review policy on Dec. 5-6.
Prices were also supported by a statement from the United States and China that they are close to finalizing some parts of a trade agreement after high level discussions. a suggestion by U.S. President Donald Trump that Exxon Mobil (NYSE: XOM ) or another U.S. oil company could operate Syrian oil fields drew rebukes from legal and energy experts.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.