Oil stalls rebound in Asia, OPEC meeting, US GDP eyed
|Oil prices on both sides of the Atlantic eased in the Asian hours this Friday, having paused its relief-rally witnessed a day before amid ongoing uncertainty surrounding OPEC output cuts.
Oil await US GDP & rigs data
Currently, both crude benchmarks trade modestly flat, with both the Brent and WTI keeping its range around $ 50 barrier. The bulls appear to face exhaustion on the final trading day of the week, as sentiment remains weighed down by looming concerns whether an OPEC output cut will be big enough to reduce the global supply glut worries dramatically.
On Thursday, oil prices ended its 3-day sell-off and staged a solid rebound amid reports that the OPEC and Russia have agreed to cut oil output by 4%.
All eyes now remain on the OPEC’s technical meeting scheduled later on Friday and a meeting with officials from non-member countries due on Saturday. While the US GDP report will be also closely eyed for fresh impetus on the USD-sensitive oil, alongside the release of oil rigs count data.
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