Petroleum Association of Japan Head: OPEC, OPEC+ will extend deal to cut oil output

Petroleum Association of Japan (PAJ) President Takashi Tsukioka was on the wires earlier on Thursday, via Reuters, OPEC and other producers are likely to agree to extend an existing deal to cut oil output by 1.2 million barrels per day (bpd) when they meet next month, Reuters reports.

Note that OPEC meets on Dec. 5 in Vienna, followed by talks with a group of other exporters, including Russia, known as OPEC+.

Both crude benchmarks are trading a touch lower in early Europe, as the sentiment remains dented by the uncertainty around the US-China trade deal, especially in light of the latest US-China political tensions over the Hong Kong bill.

WTI keeps its range below the 57 handle while Brent defends the 62 mark.