• Oil little changed in early trading

Market news

28 September 2016

Oil little changed in early trading

This morning, the New York futures for Brent rose by + 0.13% to $ 44.76 and crude oil futures for WTI rose 0.21% to $ 46.62 per barrel. Thus, the black gold is trading in the green zone on the background of output data in the United States and the reduction of oil reserves, but the lack of agreement between OPEC producers constraints prices. Also, OPEC members will hold informal talks today. On the sidelines of the three-day International Energy Forum to be held in Algiers, OPEC countries will also meet with oil producers outside the organization.

Yesterday, the black gold has fallen in price after Saudi Arabia dispelled expectations of compromise between cartel members and countries outside of OPEC, although an agreement not to increase oil production for price support is still possible this year.

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