According to Angel Commodities, expect oil prices to trade sideways today as OPEC meeting in Vienna will be closely watched given reluctance to output cut by some members on fears that US may take advantage of this situation d gain market share.
Angel Commodities' report on Crude Oil
WTI oil prices declined 1 .2 percent to close at D 57.3 per barrel as global investor s remained cautious ahead of the key OPEC meeting in Vienna where OPEC and non - OPEC members like Russia, are to discuss on prolonged extension to current production - cut deal . The Organization of the Petroleum Exporting Countries is heading for tougher - than - expected policy talks on Thursday. Its leader Saudi Arabia is pushing to extend output cuts by nine months while non - member Russia is hesitating due to worries that the market could overheat.
We expect oil prices to trade sideways today as OPEC meeting in Vienna will be closely watched given reluctance to output cut by some members on fears that US may take advantage of this situation d gain market share.
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