Crude static early Fri, awaits direction from OPEC+ committee meet - 21 Sep 2018
- Crude futures were mostly flat in a slow start to trading on Friday morning in Asia, with no fresh headlines swaying sentiment or much momentum carried over from Thursday’s session in the West.
- A tweet by US President Donald Trump on Thursday, reminding the Middle Eastern oil producers that American money keeps them “safe”, and demanding that “the OPEC monopoly must get prices down now!” put some bearish pressure on crude in a week otherwise dominated by growing bullishness on account of Iran supply worries and by a weekly drawdown in US crude inventories.
- The market will be closely watching the decision and ministers’ comments from an OPEC/non-OPEC Joint Ministerial Monitoring Committee meeting in Algiers this weekend. The meeting is anything but routine and even controversial, as it is expected to apportion new quotas to the participating countries to factor in the OPEC/non-OPEC ministers’ decision in Vienna on June 23 to boost collective output by 1 million b/d.
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