UPDATE 9-Oil futures edge up on talk of further OPEC+ supply curbs


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    * OPEC and allies to meet over Dec. 5-6
    * OPEC+ discusses deepening oil cuts - sources
    * Trump to restore steel & aluminium tariffs on Brazil &
    * U.S. factory activity contracted in November
    * Chinese factory activity unexpectedly returns to growth

 (Adds closing prices)
    By Scott DiSavino
    NEW YORK, Dec 2 (Reuters) - Oil futures gained about 1% on
Monday on hints the Organization of the Petroleum Exporting
Countries (OPEC) and its allies may agree to deepen output cuts
at a meeting this week and as rising manufacturing activity in
China suggested stronger demand.
    Brent  LCOv1  futures for the most active contract for
February delivery rose 43 cents, or 0.7%, to $60.92 a barrel,
while U.S. West Texas Intermediate (WTI) crude  CLc1  gained 79
cents, or 1.4%, to $55.96.
    Oil eased off session highs earlier in the day as Wall
Street dropped after data showed U.S. factory activity
contracted in November and after U.S. President Donald Trump
unexpectedly announced plans to reimpose tariffs on steel and
aluminium from Argentina and Brazil.  urn:newsml:reuters.com:*:nL1N2890MD
 urn:newsml:reuters.com:*:nL8N28C2M8 .N 
    Trump "accused both countries of manipulating their
currencies to the detriment of U.S. farmers, once again
employing the one-size-fits-all approach to trade matters,"
Craig Erlam, senior market analyst at OANDA Europe, said in a
    OPEC and allied producers including Russia are expected to
extend output cuts this week and could trim an additional
400,000 barrels per day (bpd) or more, two sources said. OPEC's
ministers will meet in Vienna on Thursday and the wider OPEC+
group will gather on Friday.  urn:newsml:reuters.com:*:nL8N28C1EB  urn:newsml:reuters.com:*:nL8N28C1IV
    "There is a discussion about a deeper cut taking place," an
OPEC source said, citing forecasts for "a big stock build in the
first half of the year - we need to keep an eye on that." 
    The OPEC+ group's deal to cut supply by 1.2 million bpd
started in January and expires at the end of March. It is not
certain OPEC+ will agree to deepen its curbs. Some in the group
are wary measures to support prices will encourage more U.S.
    The "Saudis appear intent on maintaining extant output
reductions while extending agreement through the middle of next
year," Jim Ritterbusch, president of Ritterbusch and Associates
in Galena, Illinois, said in a report. 
    "Any sign of discontent between the producers will send out
negative signals and will put significant downward pressure on
the oil price," said Tamas Varga of oil broker PVM. "We believe
this is unlikely to happen."
    U.S. output in September increased to a record 12.46 million
bpd, according to a government report on Friday.  urn:newsml:reuters.com:*:nL1N2890IV 
    "A deeper cut could boost prices, which would bring on more
shale output and not help," the OPEC source said. 
    Supporting oil prices was an unexpected return to growth in
Chinese factory activity in November as domestic demand picked
up on Beijing's accelerated stimulus measures.  urn:newsml:reuters.com:*:nL4N2891KL    

U.S., Russian, Saudi crude oil production    https://tmsnrt.rs/2QYNGAd
 (Additional reporting by Alex Lawler in London and Aaron
Sheldrick in Tokyo; Editing by Marguerita Choy and Lisa
 ((scott.disavino@thomsonreuters.com; +1 646 223-6072; Reuters
Messaging: scott.disavino.thomsonreuters.com@reuters.net))

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