- WTI starts off the day on the offer as traders await news from OPEC.
- The price of oil is a touch lower, -0.12% and trades between 75.00/0.7520 for the open.
OPEC’s alliance has been put to the test in recent days.
The latest updates with regards to the talks that are dragging on and after the United Arab Emirates blocked a deal have been the Saudi’s Energy Minister’s comments.
He has said that if there’s no deal, then there will be no oil output hike in August.
He told Al Arabiya TV if other countries had previous reservations then he asks why didn’t issue their concerns before?
Overall, he is not optimistic nor pessimistic regarding the next OPEC plus meeting.
However, ahead of the negotiations due to take place today, he says a little compromise and rationality can make tomorrow’s meeting successful.
Meanwhile, on Friday, WTI was at $75.10 and was marginally higher by just 0.12% into the closing bell on Wall Street. The price was rallying from a low of $74.44 to a lower high of $75.58 after posting a fresh cycle high the prior day.
WTI was on track for a 1.5% rise for the week, with the US crude market expected to tighten as refinery runs pick up to meet recovering gasoline demand.