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Brent Crude Oil Holds Above $50 After OPEC Meeting

Posted by Chris Advincula on Jun 3, 2016 6:31:24 AM

(Friday Jun 3 Reuters) Brent oil prices held around $50 a barrel on Friday following an OPEC meeting that failed to agree on output targets, but which was seen as supportive as Saudi Arabia pledged not to flood the market with more fuel.

The Organization of the Petroleum Exporting Countries (OPEC) failed to agree to a clear oil-output strategy on Thursday as Iran insisted on raising production to regain market share lost during years of sanctions, which were lifted in January.

Analysts still took away positives from the meeting in Vienna, as Saudi Arabia showed restraint.

"We will be very gentle in our approach and make sure we don't shock the market in any way," Saudi Energy Minister Khalid al-Falih told reporters.

As a result, Brent crude futures held above $50 per barrel on Friday, trading at $50.19 [er barre; at 0647 GMT, up 15 cents from the last settlement and almost double January lows.

Click on the link below to see the full story from Reuters: (by Henning Gloystein)

Brent crude oil holds above $50 after OPEC meeting

 

Brent.6.3.2016.jpg

 

 

Topics: commodities, crude oil, Fundamentals, Brent, OPEC

 

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