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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.
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.