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.
Continue Reading Below
--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 firstname.lastname@example.org
(END) Dow Jones Newswires
September 22, 2017 00:20 ET (04:20 GMT)