Oil Trades Cautious in Asia, Doha Meeting Eyed
Oil benchmarks
on both sides of Atlantic steadied in the Asian trades, unable to find a
clear direction as traders remain on the side-lines awaiting the
outcome from weekend’s Qatar meeting.
Oil trades above $ 40 mark
Currently
both crude benchmarks are trying hard to extend gains, with WTI up
0.24% at $ 41.60 while the Brent oil edges 0.16% higher at $ 43.92. Oil
prices tread waters as markets remain wary over the impact of any output
freeze deal at this weekend’s oil producers’ meeting in Doha, Qatar.
Meanwhile,
IEA stated on Thursday, "With Saudi Arabia and Russia already producing
at or near record rates and very little upside seen apart from Iran any
deal struck will not materially impact the global supply-demand balance
during the first half of 2016."
Moreover, the prices also await
the US rigs count data along with the US economic releases for further
momentum on the dollar priced-in commodity. While upbeat Chinese data
failed to cheer the sentiment around the black gold.
Oilfield
services company Baker Hughes reported a fall of 8 to 354 last week,
which was the third straight weekly decline in a row.
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