Market awaits major OPEC meet

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Washington

US crude oil inventories have dropped by 3.83 million barrels
Oil prices were relatively stable despite increasing pessimism and skepticism about the slow pace of the oil demand recovery. By the end of the week, prices had settled near the levels of a week earlier. Brent crude edged higher to $42.93 per barrel while WTI crude also ticked up to $40.88 per barrel. The spread between the pair narrowed to $2.05 per barrel. The news of the week would in other circumstances have sent the price tumbling as a second wave of the virus in Europe triggered stronger distancing measures. However the continuing efforts of OPEC+ producers helped to alleviate the downward pressure on prices despite some speculation that cohesion within the group was starting to fray ahead of the upcoming OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting this week.–AFP

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