Oil Markets Turned To The OPEC Meeting

Oil markets turned their attention to the OPEC meeting. The meeting will take place today.

Oil traded at $ 62 per barrel as global oil markets focused on today's OPEC meeting. West Texas-type oil (WTI) is trading 0.5 percent higher after rising 2.6 percent on Wednesday. Russia and Saudi Arabia, the most influential members of OPEC +, held a meeting on Wednesday to compromise on production. While Saudi Arabia states that it is necessary to act carefully, Russia says it wants to increase production. On the other hand, it was learned that the Houthis in Yemen hit a Saudi Aramco facility in Jeddah with a rocket. Warren Patterson, ING Bank's Commodity Strategy Manager, said: "The decision that will emerge from the OPEC+ meeting today is important for the direction of the markets. I expect the return of 1.5 million barrels per day with Saudi Arabia's reproduction. The markets may handle this much extra production or even more.” West Texas Oil for April futures is trading on the Nymex market at 2:36 pm Singapore time at $ 61.59 a barrel. Brent oil for May futures is trading at around $ 64.46 a barrel on the London ICE Futures Europe market, climbing 0.6% after rising 2.2% on Wednesday.     Source: Bloomberg HT