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Oil prices dip despite talk of OPEC, non-OPEC meeting

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Oil prices dropped in Asia as investors are unconvinced by the talk of OPEC and non-OPEC meeting in March.

    At the time of writing, Brent futures were down 0.43% or 15 cents at $35.14/barrel. WTI futures were down 0.12% or 4 cents at $33.00/barrel.

    Prices strengthened in NY session on reports that OPEC-members Saudi Arabia, Qatar and Venezuela, as well as non-OPEC producing giant Russia, would meet in March to discuss capping crude oil production at January levels.

    However, optimism seems to have faded away in Asia, although losses are moderate. Moreover, markets do not see Iran joining the production freeze strategy and hence are skeptical the meeting would be successful.
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