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Oil Futures Trade Sideways Ahead of OPEC Meeting -- Market Talk

22 Sep 2017 4:05 am
 
   By Biman Mukherji 
 

--Oil futures are trading sideways in Asia ahead of a meeting later Friday between the Organization of Petroleum Exporting Countries and other major oil producers to discuss ways to ease a global oversupply.
 

--November Nymex light, sweet crude on the New York Mercantile Exchange was recently up 0.1% at $50.62 a barrel in the Globex trading session while ICE Brent fell 4 cents at $56.39.
 

--OPEC and several other producers agreed to cap production through March 2018 late last year, and investors are waiting to see whether the cartel will recommend a further extension.
 

--"The market is still split as to whether the meeting will bring fresh supply cuts to the table," says ANZ Bank. "With U.S. stockpiles remaining elevated, a firm signal about lower supply is likely needed for price momentum to remain positive."
 

Write to Biman Mukherji at biman.mukherji@wsj.com
 

(END) Dow Jones Newswires

September 22, 2017 00:05 ET (04:05 GMT)

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