Following concerns of possible crude oil supply shortfalls Into the market, high level talks is currently going on among key members of Organization of Petroleum Exporting Countries (OPEC), to agree on production hikes as the organisation meets in June.
Meanwhile, oil prices were mixed in early yesterday, but remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply.
Brent crude futures were up 57 cents, or 0.76 percent, at $75.87 a barrel after settling at their lowest since May 8 at $75.30, while the U.S. West Texas Intermediate (WTI) crude was down 80 cents, or 1.18 per cent, at $67.08 a barrel. It finished the last session at its lowest closing price since April 17 at $66.47 per barrel.
“Investors have started pricing in the likelihood of Saudi Arabia and Russia increasing crude oil production,” ANZ Bank said in a note. However, doubt remains, with any agreement to be finalised at…
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