WTI-Brent Spread steady ahead of OPEC/Non-OPEC meeting
|WTI-Brent spread is flat lined around minus $2.3 in Asia after having recovered from the low of minus $2.38 to minus $2.29 on Friday.
Eyes OPEC/Non-OPEC meeting
Reuters report says, “Six OPEC and non-OPEC ministers will meet on Monday in St Petersburg to discuss the market outlook and compliance with output cuts. They may recommend a conditional cap on Nigerian and Libyan oil production.”
The spread may drop to June low of minus $2.55 (Brent oil rally) if Nigeria and Libya are brought under the production cap.
Reports are also doing the rounds that the joint OPEC/non-OPEC ministerial committee could also discuss a deeper cut in production.
At the time of writing, WTI was trading flat lined around $45.73/barrel. Brent was flat lined around $48.05/barrel.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.