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

By Biman Mukherji Features Dow Jones Newswires

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.

Continue Reading Below

--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

Continue Reading Below

September 22, 2017 00:20 ET (04:20 GMT)