The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Crude drifts away from 2014 maximums
On Friday, crude drifted away from December-2014 peaks hit yesterday.
In spite of the fact market experts and investors have been pointed to the risks of a downward price correction since the beginning of 2018, they stress that overall market conditions are still good, mostly because of everlasting output cuts led by the Organization of the Petroleum Exporting Countries and also Russia.
American West Texas Intermediate crude futures hit $63.41 a barrel, sliding 0.6%, which is below their previous close. The day before WTI futures demonstrated its strongest reading since late 2014 hitting $64.77 a barrel.
As for Brent crude futures, they hit $69.11 a barrel, declining 0.2% from their previous settlement. The previous day Brent also marked a December-2014 maximum of $70.05 a barrel.
Meanwhile, American commercial crude inventories went down nearly 5 million barrels by January 5, hitting 419.5 million barrels.
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