TOKYO (Reuters) – Oil prices edged lower in muted trading on Thursday ahead of the start of OPEC meetings later in the day, steadying after the previous session’s steep gains on a sharp drop in U.S. crude inventories and expectations of more output cuts.
Brent crude futures dipped 10 cents, or 0.2%, to $62.90 a barrel by 0112 GMT. Brent surged 3.6% on Wednesday.
West - Texas - Intermediate - WTI - Crude
West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.4%, to $58.21 a barrel. They settled up 4.2% on Wednesday.
Prices are now back roughly to the levels of a week ago, before they plunged on a lack of progress on resolving a 17-month-old Sino-U.S. trade war that has hit global growth and demand for oil.
Investor - Attention - Meetings - Organization - Petroleum
Investor attention has switched to meetings of the Organization of the Petroleum Exporting Countries (OPEC) and allies that start later on Thursday, and the possibility of more production cuts.
The so-called OPEC+ group has been curbing output since 2017 to counter surging production from the United States, which is now the world’s biggest oil producer.
OPEC - Reductions - Output - Agreement - Russia
OPEC is aiming to push for deeper reductions in output but needs the agreement of Russia and other oil producers to avoid a supply glut next year, after demand growth...
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