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Oil steadies ahead of producers’ meeting

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Oil prices at both sides of the Atlantic were trading steady as investors turned cautious ahead of OPEC and non-OPEC meeting planned over the weekend.

    At the time of writing, Brent was up 13 cents at $44/barrel. WTI was up 16 cents at $41.66/barrel.

    Oil producers lead by top exporters Saudi Arabia and Russia plan to meet in Qatar on Sunday to discuss and possibly sign a production freeze accord, which analysts say is unlikely to cure the excess supply problem since markets would still remain oversupplied by almost 2 million barrels per day.

    Consequently, traders are reluctant to take big bets on oil ahead of the producers’ meeting.
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