Gold price settled lower - Sean Seshadri

The price of gold for February delivery settled lower today, down 0.28%, at $1139.60, largely on news of the retreating dollar.

The commodity rose $3.80, or 0.3%, to $1,141.30 an ounce this morning, regaining some of the lustre it lost last week. Gold shed about 1.8% for the week ending December 16, and the gold futures contract’s lowest settlement point last week was $1,129.80.

The dollar index, which rocketed to a 14-year-high last week, traded up less than 0.1%, on morning trading.

Gold hit that February price low as the first U.S. interest-rate hike in a year was announced last week by the Fed. That was accompanied by signals for a more hawkish Federal Reserve in 2017. That sent the greenback surging and weighed heavily on precious metals that are pegged to the dollar.

Fed Chairwoman Janet Yellen, as scheduled at 1:30 p.m. Eastern Time, gave a speech today at the University of Baltimore on “The State of the Labor Market.”

The remarks, a copy of which was provided to Investing.com, indicated that she sees the labor market as now experiencing the best hiring period in 10 years, and she added that she anticipates that wages will rise in the coming years for new graduates. Yellen was speaking to new college graduates.

NYMEX crude higher in early Asia as output compliance seen solid - Sean Seshadri

Crude oil prices gained in Asia on Monday as investors see solid adherence to OPEC and non-OPEC output cuts that could trim nearly 1.8 million barrels per day from the global market starting in January.

On the New York Mercantile Exchange, crude oil for delivery in February rose 0.25% to $53.08 a barrel.

Last week, oil futures finished higher on Friday, turning positive for the week amid indications that major crude producers are adhering to their promise to pull back on output.

On the ICE Futures Exchange in London, Brent oil for February delivery jumped $1.19, or 2.2%, to settle at $55.21 a barrel by close of trade Friday, not far from a 17-month high of $57.89 touched earlier in the week.

Russian Energy Minister Alexander Novak said on Friday that all Russian oil companies have agreed to cut crude output under Moscow's agreements with members of the Organization of the Petroleum Exporting Countries.

In addition, Kuwait reportedly notified customers that it would cut supplies from January as part of an effort by OPEC to stabilize the oil market.

OPEC members have agreed to reduce output by a combined 1.2 million barrels per day starting from January 1, their first such deal since 2008.

However, there are some worries in the market about production increases in the U.S. and Libya.

Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. last week rose by 12 to 510, a level not seen in almost a year.

Meanwhile, Libya, which is allowed to ramp up production as part of the OPEC deal, restarted operations at two key oilfields. Libyan officials said the restarting of the oilfields and a connected pipeline could bring back more than 200,000 barrels a day of oil within days.

Gold price slump continues - Sean Seshadri

The price of gold slid once again on Thursday, continuing a slump, and posting the lowest settlement price in 10 months.

Gold settled at $1130.30, down 2.87, or 33.39.

The price of sliver, platinum, copper and palldium also settled lower for the day.

Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Shares (HK:2840), are down about 10% from mid-November. Holdings fell again yesterday by 6.8 tonnes.

A global sell-off in ETFs is the result of lack of investor interest in the gold markets. The weak physical markets in China and India are taking away price momentum from the currency.

Indian demand, meantime, has suffered from a liquidity crisis in recent weeks after officials suspended the use of some bank notes.

Chinese traders, moreover, say the government there has limited imports there.

Some traders were arguing earlier this week that the commodity was merely going through a slump that mirrored historical patterns and would recover in price by early next year, at the latest.

NYMEX crude higher in Asia as production cuts underway - Sean Seshadri

Crude prices gained in Asia on Friday with investors noting reports that both OPEC and non-OPEC have moved to implement plans to cut output.

Reports say OPEC members Saudi Arabia, Kuwait, Abu Dhabi and non-OPEC countries Russia and Oman have issued instructions to oil companies and customers on implementing production cut plans at the start of 2017. OPEC plans cuts of 1.2 million barrels per day (bpd) and non-OPEC countries eye cuts of 558,000 bpd.

On the New York Mercantile Exchange crude oil for January delivery rose 0.43% to $51.12 a barrel. Global benchmark Brent was last quoted at $54.02 a barrel on London's Intercontinental Exchange. On Friday in Asia, the data calendar is light on energy-focused indicators.

The market is also keyed on U.S. rig count data from oilfield services provider Baker Hughes. Last week, data showed the U.S. rig count up 27 rigs from last week to 624, with oil rigs up 21 to 498, gas rigs up 6 to 125.

Among other non-OPEC members, Oman told customers it plans 45,000 bpd in output cuts. The cuts will largely fall on customers in ASia and Europe, though not evenly, While Saudi Arabia has told U.S. and European customers it will reduce oil deliveries from January with details to follow.

The world's second largest crude importer China is also in focus on the demand side for policy actions after the National Development and Reform Commission said this week it would raise gasoline prices by CNY435 ($62.72) per metric ton and diesel prices by CNY420 per metric ton effective from Dec. 15 in response to higher crude oil prices recently. At the same time, a tax on purchases of small cars will be raised next year to 7.5% from 5%, after being cut by half in October last year to spur sales.

Oil prices sent mixed signals today - Sean Seshadri

Oil traders sent mixed signals on Tuesday. The price of West Texas crude oil was settled higher on Tuesday at $52.33 per barrel on the NYMEX.

The price of Brent oil, meantime, settled down 11 cents from yesterday's price at $55.72. The percentage point decrease was approximately 0.10%.

Oil futures were supported by a powerful demand from Asia.

Production cuts were promised by Kuwait, Qatar and Abu Dhabi.

The closing price was a 17-month high for West Texas oil.

Some analysts said that many investors were taking profits today based on recent market gains. The gains were driven by production cuts by OPEC and non-OPEC countries. The countries are cutting oil production by a combined 1.8 million barrels per day.

According to these analysts, the market, overall, will still be influenced by the oil production cuts.

Many investors and analysts are skeptical that all oil producing parties will adhere to the planned cuts.

One signal that producers are acting on their plans to cut output, Abu Dhabi National Oil Company told investors it is reducing Murban and Upper Zakum crude supplies by 5% and Das crude exports by 3%.

Kuwait's Petroleum Corporation (KPC) also on Tuesday briefed investors of a coming cut in its contractual crude oil supplies for January of 2017.

PRECIOUS-Gold rises from lows ahead of central bank meetings - Sean Seshadri

* ECB set to extend asset purchase programme this week

* Traders eye Fed meeting next week, expecting rate rise

* GRAPHIC-2016 asset returns: http://reut.rs/1WAiOSC (Updates prices, adds comment)

By Jan Harvey

LONDON, Dec 7 (Reuters) - Gold rose further from this week's 10-month low on Wednesday as the dollar eased against the euro ahead of a European Central Bank meeting, and on the view that a U.S. rate rise next week was already reflected in prices.

In November, the metal posted its biggest monthly fall in more than three years. The losing streak spilled into December as fears of U.S. rate rise, an increased appetite for risk and a stronger dollar all weighed on prices at a time of waning demand for gold from top consumers China and India.

Gold prices found good support, however, at the $1,172 level, a chart retracement of its December to July rally.

Spot gold XAU= was at $1,176.98 an ounce at 1442 GMT, up 0.6 percent, while U.S. gold futures GCv1 for February delivery were $9.70 an ounce higher at $1,179.80.

"The metal lost 8 percent during the month of November, thanks to the Fed, which is expected to increase the interest rate this month," Think Markets' chief market analyst Naeem Aslam said.

"We think that the interest rate story is largely baked into the gold price, and when the Fed increases rates, we may not see much of a move."

Any shift in gold prices will likely be dictated by the currency markets. The dollar eased 0.1 percent versus the euro on Wednesday ahead of key central bank meetings. FRX/

The European Central Bank is expected to extend its quantitative easing programme when it meets on Thursday, but questions remain over whether it will scale back its monthly asset purchases and send a formal signal on the eventual end of that programme.

The Federal Reserve is expected to raise rates at its meeting next week, a move seen as negative for gold, as rising U.S. rates lift the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.

Gold's recovery ahead of the meeting indicates that most of the selling pressure seen previously, particularly in the futures market, has started to fade, Saxo Bank's head of commodity research, Ole Hansen, said.

"You can take a view that most of the bad news for gold has now been priced in, given the sharp sell-off and the sharp reduction we've seen in positioning," he said.

Among other precious metals, silver XAG= was up 2.4 percent at $17.12 an ounce.

Palladium XPD= was down 0.2 percent at $736, while platinum XPT= was 1 percent higher at $943.24, after hitting a more than three-week high in the previous session.

Gold prices gain slightly in Asia with demand forces in focus - Sean Seshadri

Gold prices edged up in Asia on Tuesday on mild buying sentiment following sustained drops in the past month for the yellow metal.

Gold futures for February delivery rose 0.07% to $1,170.95 a troy ounce on the New York Mercantile Exchange's Comex division.

Overnight, gold prices dropped to levels approximately 12% from November highs as a stronger dollar and a widely expected Fed rate hike next week combine to tamp down interest in the precious metal. Adding to the downbeat views, risk-on trade appetites have grown globally in the wake of Donald Trump's surprise U.S. presidential win.

Investors are also keeping a sharp eye on demand for gold in India and China as weaker currencies may show some spark for demand in the two largest buyers globally.

A final factor dampening the price of the commodity: analysts at Germany's Commerzbank AG O.N. (DE:DE:CBKG) reported pricing pressure from steady outflows from exchange-traded funds that purchase gold.

Interest rate hike fears spike gold price in U.S. - Sean Seshadri

The price of gold dropped on Monday morning, as concerns over a forthcoming interest rate hike in the U.S. overshadowed the fallout from Italians’ rebuff of a proposed constitutional reform. The price closed the day at 1171.7, a decrease of 0.52%.

Gold for February delivery, the most-active contract, was recently down 0.9% at $1,167.40 per troy ounce on the COMEX division of the New York Mercantile Exchange, en route for the lowest close since Feb. 5.of this year.

The price declined despite the Italian “no” vote, which some analysts predicted would spur some safe-haven buying for gold, or fears that it could be a sign of continued political uncertainty and harm the stability of the eurozone in the European Union.

Observers claimed there was basically no tangible reaction to the Italian referendum reflected in today's price of gold.

The prime minister of Italy resigned over the "no" vote, and apologized to voters yesterday, according to a a number of news reports in print, online, and on TV.

Gold prices flat in Asia as Italy's referendum vote prompts caution - Sean Seshadri

Gold prices held mostly steady in Asia on Monday as investors reacted cautiously to a new round of political turmoil in Italy and potentially the euro zone following a resounding "No" vote on a referendum aimed at political reforms.

Gold for February delivery traded between small gains and losses at levels around $1,177.55 a troy ounce on the Comex division of the New York Mercantile Exchange. Elsewhere, silver for March delivery was also mostly flat around $16.830 a troy ounce, while copper futures for March delivery dropped 0.84% to $2.608 a pound.

Investors did take sharp note of a weaker euro to a 20-month low as Italian Prime Minister Matteo Renzi resigned after suffering a humiliating defeat in a referendum to reform the country's constitution.

Elsewhere, New Zealand Prime Minister John Key said he would resign, making it clear he would not seek a fourth term.

Later on Monday, the U.K. is to release data on service sector activity and the Institute for Supply Management is to release its non-manufacturing PMI. New York Fed President William Dudley is to speak about the macroeconomic outlook in New York. St. Louis Fed head James Bullard is to speak at an event in Arizona.

Last week, gold prices rose on Friday, moving higher for the first time in four sessions despite a solid U.S. jobs report as the dollar slid, helping support demand for the precious metal.

The Labor Department reported Friday that the U.S. economy added 178,000 jobs in November from the prior month, while the unemployment rate dropped to 4.6%, its lowest level in nine years.

Economists had forecast nonfarm payrolls rising by 175,000 last month and the unemployment rate remaining unchanged at 4.9%.

However, the report also showed that average hourly earnings fell 0.1% from October, while the annual rate of wage growth slowed to 2.5% from 2.8% in October.

The jobs report underlined the Fed’s case for a rate hikes at its upcoming meeting on December 13-14, but the weak wage data clouded the outlook for further rate hikes in 2017.

Expectations of tighter monetary policy tend to weigh on gold, which struggles to compete with yield-bearing assets when borrowing costs rise.

In the week ahead, markets will be paying close attention to speeches by Fed officials and U.S. data on non-manufacturing activity and consumer confidence going into the holiday period.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Trump supports completion of Dakota Access Pipeline - Sean Seshadri

U.S. President-elect Donald Trump on Thursday said for the first time that he supports the completion of a pipeline project near a North Dakota Indian reservation, which has been the subject of months of protests by tribes and environmentalists.

A communications briefing from Trump's transition team said despite media reports that Trump owns a stake in Energy Transfer Partners (N:ETP), the company building the pipeline, Trump's support of the pipeline "has nothing to do with his personal investments and everything to do with promoting policies that benefit all Americans."

"Those making such a claim are only attempting to distract from the fact that President-elect Trump has put forth serious policy proposals he plans to set in motion on Day One," said the daily briefing note sent to campaign supporters and congressional staff.

Activists have spent months protesting plans to route the $3.8 billion Dakota Access Pipeline beneath a lake near the Standing Rock Sioux reservation, saying the project poses a threat to water resources and sacred Native American sites.

On Thursday, U.S. military veterans were arriving at a camp to join thousands of activists braving snow and freezing temperatures to protest the pipeline.

Republican Trump has been a vocal supporter of another high-profile pipeline project, Transcanada's (TO:TRP) Keystone XL, which Democratic President Barack Obama denied a permit for last year.

Republican North Dakota Senator John Hoeven said he met with Trump's transition team to discuss the delayed pipeline.

"Today, Mr. Trump expressed his support for the Dakota Access Pipeline, which has met or exceeded all environmental standards set forth by four states and the Army Corps of Engineers," Hoeven said in a statement.

"It is important to know that the new administration will work to help us grow and diversify our energy economy and build the energy infrastructure necessary to move it from where it is produced to where it is needed," he said.

Gold prices dip in Asia as sentiment up on Chin PMIs, risk views grow - Sean Seshadri

Gold prices dipped in Asia on Thursday as regional signals on growth in China came in upbeat, aiding sentiment for more risk assets.

On the Comex division of the New York Mercantile Exchange dipped 0.26% to $1,170.85 a troy ounce. Silver futures on the Comex fell 0.21% to $16.447 a troy ounce, while copper futures edged up 0.04% as manufacturing data from China lifted sentiment for thw world's top importer of the industrial metal.

China reported Thursday that the semi-official CFLP manufacturing index came in at 51.7 for November, compared with a 51.0 level seen, and up from 51.2 the previous month. The CFLP non-manufacturing PMI came in at 54.7, compared to 54.0 last month, subsequent figures from the private Caixin manufacturing PMI rose to 50.9 in November, beating an expected 50.8 level.

The Caixin index has now been above the 50-point neutral level which separates expansion in activity from contraction for five straight months, adding to views that in the world's second-largest economy growth has stabilized thanks to a credit and construction boom.

Overnight, gold prices dropped once again on Wednesday, as widespread expectation of an interest-rate increase by the Federal Reserve in December dampened the metal's short-term outlook.

Investors reckon the Federal Reserve will raise interest rates at a meeting next month, and the odds of a rate increase is now at 94%, according to Fed fund futures tracked by the CME. Since gold doesn't bear interest, it works hard to compete when interest rates climb. Thus, the price of gold is expected to remain weak in the coming month.

What is more, investors are also looking ahead to the Italian referendum this weekend, when the country will head to the polls to vote on a Constitutional reform. A “no” vote could be a sign of further political uncertainty and increase prices.

Meanwhile, gold demand in India, one of the globe's biggest buyers of the metal, is declining, with gold traders saying imports could fall to just a combined 60-70 tons over the next two months, noted Commmerzbank AG in a note to investors. India has launched a plan to swap nearly 86% of currency notes in circulation, hitting consumer demand during the peak season for weddings in the country where gold is a typical gift..

NYMEX crude quoted sharply weaker in Asia as API estimates, OPEC weigh - Sean Seshadri

Crude oil prices were last quoted sharply weaker heading into the Asian trading session on Wednesday as mixed industry inventory data from the U.S. and questions on OPEC's production plans weighed.

U.S. crude oil on the New York Mercantile Exchange were last quoted at $45.25 a barrel, down 3.89%.

Prices were weighed Tuesday by conflicting media comments that call into question OPEC's ability to come to agreement about a cut in production. OPEC members will meet Wednesday in Vienna, Austria.

The American Petroleum Institute late Tuesday said crude oil inventories fell 720,000 barrels last week, 120,000 barrels more than expected and which followed a draw of 1.28 million barrels the previous week.

Overnight, oil prices fell more than 3% on Tuesday, extending early losses amid growing doubts that the Organization of the Petroleum Exporting Countries will be able to reach an agreement on a deal to curb output.

Global benchmark Brent futures fell sharply and last quoted down nearly 4% to levels around $47.35 a barrel.

OPEC is attempting to get its 14 member states, along with non-OPEC member Russia, to implement coordinated production cuts aimed at reducing a global supply glut that has seen prices more than halve since 2014.

Oil came under renewed selling pressure after Indonesia’s energy minister said Tuesday he’s “not optimistic” that OPEC will agree on a deal to rein in oversupply.

In September the producer cartel reached an agreement that would reduce production to between 32.5 million and 33 million barrels per day.

The organization is to hold a key meeting in Vienna on Wednesday, where the deal was expected to be rubber stamped.

But reaching a deal has proved problematic, amid disagreements over which producers should cut and by how much.

Technical talks between OPEC members on Monday failed to reach an agreement on output cuts, with Iraq and Iran - OPEC’s second and third-largest producers – resisting pressure from Saudi Arabia to reduce production.

Most analysts still believe OPEC will sign an accord to cut output, but doubts remain over whether it will be enough to support the market.

Morgan Stanley (NYSE:MS) said Tuesday it still sees a deal as likely but added that the risks of failure have risen.

“A strong announcement from OPEC to cut meaningfully could lift oil to $50 or more over the following days, particularly if supported by strong words from non-OPEC, before focus shifts to execution risk, sustainability and any non-OPEC supply response” analysts at Morgan Stanley wrote.

NYMEX crude weaker in Asia as all eyes on OPEC Vienna talks - Sean Seshadri

Crude prices drifted lower in Asia on Tuesday as wrangling by OPEC members over the details of a proposed output curb continues.

U.S. crude oil fell 0.38% to $46.90 a barrel on the New York Mercantile Exchange. Global benchmark Brent futures were last quoted at $49.01 a barrel.

Late on Monday experts from OPEC nations failed to reach a compromise on the details to curb output by country, Reuters said, setting up a bleak outlook for a final deal when a full meeting starts on Nov. 30. As well, Algerian and Venezuelan oil ministers traveled to Moscow on Monday in a final attempt to persuade Russia to take part in cuts instead of merely freezing output.

Later Tuesday, the American Petroleum Institute will release its estimates of U.S. crude and refined product inventories at the end of last week. The figures are followed on Wednesday by more closely-watched official data from the U.S. Department of Energy.

Overnight, oil prices jumped in choppy trade on Monday after Iraq’s oil minister said he was “optimistic” that Wednesday’s crunch OPEC meeting will yield an agreement on output cuts.

Prices jumped after Iraqi oil minister Jabar Ali al-Luaibi said Monday he is “optimistic” that OPEC will reach an agreement that is acceptable to all this week.

The Organization of the Petroleum Exporting Countries is attempting to get its 14 member states, along with non-OPEC member Russia, to implement coordinated production cuts aimed at reducing a global supply glut that has seen oil prices halve in two years.

In September the producer cartel reached an agreement that would reduce production to between 32.5 million and 33 million barrels per day.

But reaching an agreement on a deal to cut output has proved problematic, with some producers reluctant to curb production. Over the weekend Saudi Arabia’s oil minister Khalid al-Falih said oil prices will stabilize in 2017 without an intervention from OPEC.

Gold recovers in Asia as investors see buying opportunities - Sean Seshadri

Gold prices gained in early Asia on Monday as investors focused on the recent declines as an opportunity to buy.

Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.73% to $1,187.00 a troy ounce. Silver futures on the Comex were flat at $16.554 a troy ounce, while copper futures dipped 0.24% to $2.657 a pound.

This week brings U.S. nonfarm payrolls report for November on friday as well as data on U.S. economic growth and manufacturing for fresh indications on the likelihood of a December rate hike. Investors will also be watching euro zone inflation data and manufacturing reports out of the U.K. and China.

On Monday, European Central Bank President Mario Draghi is due to testify about the ECB’s outlook on economic and monetary developments and the consequences of Brexit to the Economic Committee in the European Parliament.

Last week, gold prices closed at the lowest level in nine months on Friday as expectations for higher U.S. interest rates continued to cloud the demand outlook for the precious metal.

Safe haven demand for gold has been hit since the U.S. presidential election amid expectations that increased fiscal spending and tax cuts under the Trump administration will spur economic growth and inflation.

Faster growth would spark inflation, which in turn would prompt the Federal Reserve to tighten monetary policy a faster rate than had previously been expected.

The precious metal has also been weighed down by bets that a rate hike by the Fed in December is a near certainty. According to Investing.com's Fed Rate Monitor Tool, 95.4%

Oil prices static on uncertainty over planned production cut - Sean Seshadi

Oil prices were little changed on Thursday as uncertainty ahead of a planned OPEC-led crude production cut and thin liquidity during the U.S. Thanksgiving holiday kept traders from making big new bets.

At 1040 GMT (5:40 a.m. ET), Brent crude futures (LCOc1) were trading at $48.89, down 6 cents from their close. U.S. West Texas Intermediate (WTI) crude (CLc1) was down 2 cents at $47.94 per barrel.

Traders said market activity was low due to the U.S. holiday, and there was a reluctance to take on big price bets due to uncertainty about a planned oil production cut, led by the Organization of the Petroleum Exporting Countries (OPEC).

OPEC is due to meet on Nov. 30 to coordinate a cut, potentially together with non-OPEC member Russia.

Russia could revise down its 2017 oil production plans if a global output freeze pact comes into force, effectively cutting output by 200,000-300,000 barrels per day, Energy Minister Alexander Novak said on Thursday.

OPEC will probably propose other producers cut their oil production by 880,000 barrels per day for six months starting from Jan. 1 2017, Azerbaijan Energy Minister Natig Aliyev wrote in a local newspaper on Thursday.

But an OPEC source told Reuters that OPEC was yet to make a final proposal to non-OPEC countries on joint production cuts, which will be discussed on Nov. 28 in Vienna.

Venezuela's President Nicolas Maduro said on Wednesday an OPEC deal to cut output and hike oil prices was "imminent," and dispatched his oil minister to Russia to help bring other producers on board..

Most analysts believe some form of production cut will be agreed, but it is uncertain whether it will be enough to prop up a market that has been dogged by a supply overhang for over two years, according to the International Energy Agency (IEA).

"We expect OPEC will reach an agreement at next week's biannual meeting in Vienna... If OPEC does successfully reach an agreement, prices are likely to test the year high in Brent of $53 per barrel," ANZ bank said in a note to clients on Thursday.

IEA Director Fatih Birol told Reuters in Tokyo on Thursday that even if production is cut, prices could soon come back under downward pressure again as the OPEC-led cut would enable U.S. shale oil drillers to massively increase their own output.

Oil prices edge higher despite doubts on OPEC-led cuts - Sean Seshadri

Oil prices turned positive on Wednesday despite investor doubts that OPEC will agree to a production cut large enough to make a significant dent in the global glut of crude.

Members of the Organization of the Petroleum Exporting Countries (OPEC) will meet next week on Nov. 30 in Vienna to decide on the details of an agreement to cut output that the group has been trying to hammer out since September.

Oil prices were lower in the morning but turned positive after the Energy Information Administration said U.S. crude stocks unexpectedly fell 1.3 million barrels last week. [EIA/S]

In the U.S. market, West Texas Intermediate (WTI) crude oil futures (CLc1) rose 8 cents to $48.11 a barrel by 12:35 p.m. EDT (1735 GMT) after trading between $47.40 and $48.43.

Brent crude futures (LCOc1) were up 5 cents at $49.16 a barrel, also trading in $1-range between $48.56 and $49.50.

Calendar spreads, the difference in price between one month and the next in the futures market, showed little signs that traders are pricing in a big change in market fundamentals.

The front to second-month WTI calendar spread traded at its widest level in seven months on Tuesday, although it narrowed slightly on Wednesday. The one to six-month spread traded at one of the widest levels since August.

The WTI cash roll, which allows physical traders to roll long positions forward, traded down to negative $1.80 a barrel on Tuesday, the weakest since March.

All are indications that traders expect little change in oversupply in the market in the near term.

"Looking at the forward curve, the spread has gotten substantially weaker on the WTI side ... so that's bearish and pressures the front of the curve," said Tariq Zahir, an analyst at Tyche Capital Advisors in New York.

"There's going to be some cut, but is Saudi Arabia really going to take the lion's share of the cut?"

Doubts remain over whether the group will agree to a proposed cut of 4 percent to 4.5 percent that has been discussed. That would imply a supply cut of more than 1.2 million barrels per day, according to Reuters calculations.

Iraq has been one of the more reluctant members to agree to a cut, but Prime Minister Haider al-Abadi told reporters on Wednesday in Baghdad that they were willing to lower their output.

Separately, non-OPEC member Russia has said it would cut production, but domestic oil companies have not worked out details, muddying the outlook for cutting output.

Oil climbs on hopes for OPEC output cut deal - Sean Seshadri

Oil prices climbed on Tuesday, as market sentiment was boosted by growing expectations that major oil producers will come to a deal to rein in output at a meeting next week.

U.S. crude oil was up $1.34 or 2.87% at $47.66 a barrel at 0950 ET.

Global benchmark Brent futures were at $48.13 as barrel, up $1.27 or 2.69%.

Oil prices were boosted following reports that the energy ministers from Iraq and Iran were backing a proposed OPEC output cut aimed at curbing oversupply that has pressured prices lower for over two years.

The Organization of the Petroleum Exporting Countries is to meet on November 30 to decide on strategy for the first half of next year.

But many market analysts remain skeptical of the potential deal, amid uncertainty over how any agreement would be implemented.

OPEC reached an agreement to limit production to a range of 32.5 million to 33.0 million barrels per day at a meeting in September.

But production by OPEC members hit a record high in October of 33.64 million barrels per day.

Reaching an agreement on a deal to cut output has proved problematic, with some producers, most notably Iran, reluctant to curb production.

Iran has ramped up production in a bid to regain market share after international sanctions against it were lifted last January.

Analysts also warned of potential volatility in the oil market this week, with trading volumes expected to be lower ahead of the U.S. Thanksgiving holiday on Thursday and Friday.