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MTECHTIPS;-Oil prices flat in Asia as market looks to producers' meeting

Friday, July 21, 2017 6:42

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MTECHTIPS;-Oil prices flat in Asia as market looks to producers’ meeting

MTECHTIPS-Oil prices settled down in Asia after hitting month-long highs overnight and ahead of a meeting of the oil producers on Monday. By mid-morning in Asia, oil prices flattened out. West Texas Intermediate futures for September delivery were virtually flat by mid-morning, down just 0.02% to $46.91. Brent crude for September delivery was also down just 0.02% to $49.29. Oil prices climbed Thursday after U.S. crude oil inventories fell 4.73 million barrels for the week to July 14, the EIA reported. That drop built on a 7.5 million drop recorded the week earlier. Gasoline inventories dropped by 4.4 million barrels. The rally in oil on Thursday, which took prices to highs not seen since June 7, was also powered by expectations that oil producers might cut supplies. OPEC and non-OPEC producers are scheduled to meet Monday in Russia and traders are watching for any signs that Saudi Arabia, the largest producers of crude in the world, may cut its output. In May, OPEC and a number of non-OPEC members like Russia agreed to tackle oversupply in global crude market by cutting production by 1.8 million barrels per day between January 2017 and March 2018. Earlier this week, tiny producer Ecuador signalled it might not abide by the cuts, causing fears that other larger producers might follow suit.

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