17.9 C
New York
Monday, May 23, 2022

Oil Prices Extend Weekly Gains as OPEC Gathers in Vienna

Oil Prices Extend Weekly Gains as OPEC Gathers in Vienna© Reuters. Oil trades higher ahead of OPEC meeting

Investing.com – Oil prices climbed more than 1% on Friday, extending weekly gains, as market participants awaited the outcome of meetings between the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia.

New York-traded gained 68 cents, or about 1.0%, to $66.22 a barrel by 4:42AM ET (8:42GMT).

Meanwhile, , the benchmark for oil prices outside the U.S., traded up 84 cents, or 1.2%, to $73.89.

Friday’s gains lifted the weekly rise in West Texas to slightly more than 2%, while Brent lagged with an increase of just 0.9%.

OPEC members are currently gathered in Vienna at their where they are trying to come to an , counteracting their pact to curb production by 1.8 barrels per day.

Throughout the last week, there has been a back and forth between Saudi Arabia and Russia, who wish to increase production, and members from Iraq, Iran and Venezuela that prefer to keep the supply limits in place.

However, Iranian Oil Minister Bijan Zanganeh said this week that he was feeling “very good” about OPEC’s production levels and indicated Iran could accept a modest supply hike, suggesting that members may be coming to terms.

Saudi Arabian energy minister Khalid al-Falih said on Friday that OPEC and non-OPEC members were close to agreeing on a deal to raise oil production.

A press conference is tentatively scheduled for 7:00AM ET (11:00GMT), although a final decision may not arrive until Saturday when OPEC officials are scheduled to meet with their non-member allies.

In other energy trading, rose 0.5% $2.0235 a gallon by 4:43AM ET (8:43GMT), while gained 1.1% to $2.0932 a gallon.

Lastly, traded up 0.2% to $2.981 per million British thermal units.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

11,300FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles