Oil prices steady ahead of OPEC meeting on supply cut extension
SEOUL (Reuters) – Oil costs control steady in early Asian trade on weekday because the market waited to examine whether or not major oil producers would extend offer cuts on the far side March at a gathering in national capital later within the day.
International benchmark brant crude futures were at $56.40 a barrel at 0046 universal time, down three cents, or 0.05 percent, from their last shut.
U.S. West TX Intermediate (WTI) crude futures were up seven cents, or 0.14 percent, at $50.62 per barrel.
The Organization of the rock oil exportation Countries (OPEC) associate degreed different producers square measure set to fulfill in national capital at 0800 universal time on weekday to debate a potential extension of an oil offer cut deal to hold costs.
There will be some specialise in whether or not Nigeria and Libya, UN agency are exempt from the curbs, can be part of any future cuts. the 2 world organisation members have each been invited to the meeting.
“The market continues to be split on whether or not the meeting can bring recent offer cuts to the table,” ANZ bank same during a note.
“With U.S. stockpiles remaining elevated, a firm signal regarding lower offer is probably going required for worth momentum to stay positive.”
OPEC and a few non-OPEC producers together with Russia initial united in November last year to chop their output by around one.8 million barrels per day (bpd) to clear international oversupply and support costs.
Despite their conjunctive efforts – the combine extended their offer cuts till the top of March – costs have remained depressed amid increasing U.S. boring.
The Energy info Administration (EIA) reportable on weekday that U.S. crude production reached nine.51 million bpd within the week concluded Sept.15, up from 8.78 million bpd every week agone. [C-OUT-T-EIA]