WTI oil: too much for bulls?
Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Crude prices stand still ahead of OPEC meeting
On Friday, crude prices didn’t change in early Asian trade because the market was eager to see whether key crude producers would dare to extend supply cuts beyond March at a gathering in Vienna later in the day or not.
Brent crude futures demonstrated an outcome of $56.40 a barrel, sliding 0.05% from their previous close.
Meanwhile, West Texas Intermediate crude futures gained 0.14% sticking to $50.62 per barrel.
The Organization of the Petroleum Exporting Countries along with other oil producers are braced for meeting in Vienna on Friday for the purpose of discussing a probable extension of a crude supply cut deal to back crude prices.
Market participants are also eager to learn whether Libya and Nigeria, who have been exempt from those curbs, will join any output cuts in the future.
With American stockpiles still elevated, a sturdy signal about lower supply is probably required for price momentum to stay positive.
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