Oil holds a narrow range as OPEC meeting looms

Oil holds a narrow range as OPEC meeting looms

Oil prices were little changed in early Asian trade on Friday, as investors eyed a key OPEC meeting in Vienna and Saudi Arabia and Russia, architects of a producer deal to cut output, indicated they want production to rise.

Brent crude was down 3 cents at $75.91 a barrel by 0104 GMT, after settling down 80 cents the session before. U.S. West Texas Intermediate crude was up 6 cents, or 0.1 percent, at $66.95 a barrel, having settled up 25 cents. It touched a two-week high of $67.16 on Thursday.

The Organization of the Petroleum Exporting Countries, Russia and other producers meet in Vienna on June 22-23 to decide whether a pact curbing output needs to be adjusted in order to rein in oil prices that topped $80 a barrel last month.

Brent and WTI hit 3-1/2-year highs in May but have since drifted lower, indicating investors expect the market to soon become better supplied as U.S. crude production rises and as OPEC and its allies look poised to increase output. Read More

Leave a Reply

Your email address will not be published.