Oil Prices Steady, OPEC in Focus

Oil prices steadied on Thursday as traders digested the prospects over possible OPEC action amid record high Saudi Arabia’s output.

London – Crude futures were little changed on Thursday, with the mood affected by news over Saudi Arabia’s record high output amid speculation whether the OPEC will take steps in order to boost prices.
Futures for WTI added 0.06% to trade at $46.82 per barrel, while Brent futures slipped 0.20% to $49.75 per barrel.

The market continues to speculate that the oil cartel was ready to reach an output freeze agreement with non-OPEC producers in order to boost weak oil prices, and as major producers continue to expand their production.
OPEC’s crude oil output increased by 46,000 barrels per day (bpd) to average 33.11 million bpd in July.

Saudi Arabia reported a new record high 10.67 million bpd for last month, while Iranian oil production is back to j
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