Oil futures edge lower Friday as a weekend OPEC+ meeting loomed ahead of the Monday launch of a European Union ban on Russian crude imports.
Oil futures ticked lower Friday as investors awaited a pair of events: a Sunday meeting of the Organization of the Petroleum Exporting Countries and its allies, and the Monday kickoff of European Union ban on Russian crude imports.
Meanwhile,... Oil futures ticked lower Friday as investors awaited a pair of events: a Sunday meeting of the Organization of the Petroleum Exporting Countries and its allies, and the Monday kickoff of European Union ban on Russian crude imports. Meanwhile, OPEC+ meets Sunday. Many analysts look for the group to hold production steady amid uncertainty over how a EU ban on vessel-borne Russian crude that begins Monday will affect the market.
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Oil-price volatility complicates Sunday's OPEC+ decision on production levelsOil has been particularly volatile, making an OPEC+ decision this weekend even more difficult.
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Oil prices could fall without further OPEC+ cut, analysts sayOPEC+ is widely expected to stick to its latest target of reducing oil production by 2 million barrels per day (bpd) when it meets on Sunday, but some analysts believe that crude prices could fall if the group does not make further cuts.
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Oil dips on OPEC+ uncertainty; easing China COVID curbs limit lossesOil prices dipped in Asia trade on Thursday as uncertainty lingered ahead of Sunday's OPEC+ meeting, though easing COVID curbs at the world's top crude importer China capped price declines.
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WSJ News Exclusive | EU Asks Members to Set Russia Oil-Price Cap at $60The price cap is the West’s attempt to squeeze the Kremlin’s oil revenues while keeping global oil supplies steady and avoiding an increase in global energy prices.
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