The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Crude goes down amid glut worries
On Friday, crude slumped amid worries that Donald Trump's intention to abandon a global climate pact could spur more crude drilling in America, thus driving an ongoing glut in global supply.
Brent crude futures declined 0.45%, being worth $50.4 a barrel.
American West Texas Intermediate crude futures dived 0.54%, hitting $48.1 per barrel.
Commodity markets were digesting reports that America would withdraw from the landmark 2015 global agreement to withstand climate change. The given move fulfilled a key campaign promise , while drawing condemnation from American allies.
Strengthening American production has put a strain on OPEC members' attempts to curb output in order to drain a global crude supply overhang and also to spur oil prices.
The previous week, the Organization of the Petroleum Exporting Countries as well as some non-OPEC members gathered in Vienna to roll over the output drop agreement in order to cut 1.8 million barrels per day until the end of March 2018.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…