Oil Futures Trade Sideways Ahead of OPEC Meeting -- Market Talk
22 September 2017 - 5:35AM
Dow Jones News
By Biman Mukherji
--Oil futures are trading sideways in Asia ahead of a meeting
later Friday between the Organization of Petroleum Exporting
Countries and other major oil producers to discuss ways to ease a
global oversupply.
--November Nymex light, sweet crude on the New York Mercantile
Exchange was recently up 0.1% at $50.62 a barrel in the Globex
trading session while ICE Brent fell 4 cents at $56.39.
--OPEC and several other producers agreed to cap production
through March 2018 late last year, and investors are waiting to see
whether the cartel will recommend a further extension.
--"The market is still split as to whether the meeting will
bring fresh supply cuts to the table," says ANZ Bank. "With U.S.
stockpiles remaining elevated, a firm signal about lower supply is
likely needed for price momentum to remain positive."
Write to Biman Mukherji at biman.mukherji@wsj.com
(END) Dow Jones Newswires
September 22, 2017 00:20 ET (04:20 GMT)
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