26 Feb 2016
Oil prices dip despite talk of OPEC, non-OPEC meeting
Oil prices dropped in Asia as investors are unconvinced by the talk of OPEC and non-OPEC meeting in March.
At the time of writing, Brent futures were down 0.43% or 15 cents at $35.14/barrel. WTI futures were down 0.12% or 4 cents at $33.00/barrel.
Prices strengthened in NY session on reports that OPEC-members Saudi Arabia, Qatar and Venezuela, as well as non-OPEC producing giant Russia, would meet in March to discuss capping crude oil production at January levels.
However, optimism seems to have faded away in Asia, although losses are moderate. Moreover, markets do not see Iran joining the production freeze strategy and hence are skeptical the meeting would be successful.
At the time of writing, Brent futures were down 0.43% or 15 cents at $35.14/barrel. WTI futures were down 0.12% or 4 cents at $33.00/barrel.
Prices strengthened in NY session on reports that OPEC-members Saudi Arabia, Qatar and Venezuela, as well as non-OPEC producing giant Russia, would meet in March to discuss capping crude oil production at January levels.
However, optimism seems to have faded away in Asia, although losses are moderate. Moreover, markets do not see Iran joining the production freeze strategy and hence are skeptical the meeting would be successful.