* Trump says China trade deal might have to wait * OPEC+ could take extra 400,000 bpd off market * Russia yet to finalize position for OPEC+ meeting -Novak * U.S. crude stocks fall more than expected -API (New throughout, adds API data, more comments) By Stephanie Kelly NEW YORK, Dec 3 (Reuters) - Oil steadied on Tuesday, settling narrowly mixed as expectations of output cuts from OPEC and allied producers helped prices bounce after a slide following comments from U.S. President Donald Trump that a trade deal with China may be delayed. Brent crude
LCOc1futures fell 10 cents to settle at $60.82 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1futures rose 14 cents to settle at $56.10 a barrel. Trump said a U.S.-China trade agreement might have to wait until after next November's presidential election, denting hopes of a quick resolution to a dispute that has weighed on the world economy. urn:newsml:reuters.com:*:nL8N28D2KI"I have no deadline, no," Trump told reporters in London, where he was to attend a meeting of NATO leaders. "In some ways, I like the idea of waiting until after the election for the China deal." The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are discussing a plan to deepen a supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June, two sources familiar with the matter said. urn:newsml:reuters.com:*:nL8N28C1IVSaudi Arabia is pushing the plan to boost the market before the initial public offering of state-owned Saudi Aramco, the sources said. "We see a possibility of such a decision but one that could prove temporary if compliance among other participants is not strictly adhered to into the New Year," Jim Ritterbusch, president of Ritterbusch and Associates, said in a report. "So while such a decision could spur some oil price strength over the near term, the likelihood of a weak Q1 2020 pricing environment would be increased." A senior official at the International Energy Agency (IEA) said OPEC producers were unlikely to change their output curbs until the market outlook becomes clearer. urn:newsml:reuters.com:*:nL8N28D4QCRussian Energy Minister Alexander Novak said he expected this week's meeting to be constructive but added that Moscow had yet to finalize its position. urn:newsml:reuters.com:*:nR4N28703YVagit Alekperov, CEO of Russia's second-biggest oil producer Lukoil LKOH.MM, said it would not be expedient to deepen production cuts in the winter, especially for Russia. urn:newsml:reuters.com:*:nR4N287054JPMorgan said in a note that it expects OPEC+ to agree to deepen the production cut to 1.5 million bpd until the end of 2020. urn:newsml:reuters.com:*:nL8N28D41VOPEC ministers meet in Vienna on Thursday and the broader OPEC+ group gathers on Friday. U.S. producers have been happy to meet any market shortfalls with record-setting output. Growth into 2020 could range between 100,000 bpd and 1 million bpd. urn:newsml:reuters.com:*:nL1N28700ZCrude inventories fell by 3.7 million barrels in the week to Nov. 29 to 445.9 million, data from industry group the American Petroleum Institute showed. Analysts had expected a fall of 1.7 million barrels. urn:newsml:reuters.com:*:nL1N28D1NVOfficial government data is due on Wednesday. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ CHART: U.S. oil may fall to $55.11 urn:newsml:reuters.com:*:nL4N28D0UUCHART: Brent oil may hover above $60.87 urn:newsml:reuters.com:*:nL4N28D0J3^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Additional reporting by Ahmad Ghaddar in London and Aaron Sheldrick in Tokyo Editing by David Gregorio, Alexander Smith and Tom Brown) ((Stephanie.Kelly@thomsonreuters.com; 646-223-4471; Reuters Messaging: email@example.com))
This stream of information is provided by a third party company, Reuters, which is independent of Davy. Davy does not control the flow of articles in the stream and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. The information is never a recommendation and does not constitute investment advice.
Warning: This content may be provided by regulated and unregulated entities and is not created, reviewed or endorsed by Davy. It is provided for general information purposes only and does not constitute a recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Importantly, it does not constitute investment advice, as it does not contemplate the personal circumstances of any particular person or group of persons. Neither Davy nor the providers of the Third Party Content will be liable for any investment decision made based on the reliance on or use of such data, or any liability that may arise due to delays or interruptions in the delivery of the Third Party Content for any reason.