Oil Steadies Ahead of Producers Meeting
Oil prices at both sides of the Atlantic were trading steady as
investors turned cautious ahead of OPEC and non-OPEC meeting planned
over the weekend.
At the time of writing, Brent was up 13 cents at $44/barrel. WTI was up 16 cents at $41.66/barrel.
Oil
producers lead by top exporters Saudi Arabia and Russia plan to meet in
Qatar on Sunday to discuss and possibly sign a production freeze
accord, which analysts say is unlikely to cure the excess supply problem
since markets would still remain oversupplied by almost 2 million
barrels per day.
Consequently, traders are reluctant to take big bets on oil ahead of the producers’ meeting.
(Market News Provided by FXstreet)
