Search ForexCrunch

The Organization of the Petroleum Exporting Countries (OPEC) has so far no plans to deepen the current oil output cuts during the December meeting, Reuters reported citing three OPEC sources.

“OPEC+  is likely to extend existing oil supply cuts until June when the group meets in December,” sources told Reuters.  “It is more likely that we will extend the agreement in December to send a positive message to the market. The Saudis don’t want oil prices to fall, they want to put a floor under the prices because of the (Aramco) IPO.”

Crude oil prices edged lower on these comments and the barrel of West Texas Intermediate (WTI) was last seen trading at $56.85, down 0.37% on a daily basis.