Prices of both U.S.-based and international crude-oil benchmarks rose on Friday as investors looked past somber economic data.
Prices of both U.S.-based and international crude-oil benchmarks rose on Friday as investors looked past Thursday’s somber U.S. economic data and toward a meeting of the Organization of Petroleum Exporting Countries next week.
Price actionWhat analysts are saying Oil looks set to range trade over the coming sessions as investors await the meeting of OPEC and its allies —popularly known as “OPEC+” — expected next week, but rumors that OPEC+ is planning on leaving its production targets unchanged have helped... Prices of both U.S.-based and international crude-oil benchmarks rose on Friday as investors looked past Thursday’s somber U.S.
Price action What analysts are saying Oil looks set to range trade over the coming sessions as investors await the meeting of OPEC and its allies —popularly known as “OPEC+” — expected next week, but rumors that OPEC+ is planning on leaving its production targets unchanged have helped to bolster crude prices.
“Oil prices are rising again amid reports that OPEC+ will leave output targets unchanged next month when it meets on Wednesday. Some sources did reportedly suggest a small increase would be discussed which would appear to align more with the optimistic view of a US administration official yesterday,” wrote Craig Erlam, a senior market analyst at OANDA.
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