Oil prices nudged higher on Friday as traders await cues from a meeting that could take place as soon as this weekend where major oil producers will discuss whether to extend record production cuts.
FILE PHOTO: The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif
The Organization of the Petroleum Exporting Countries and allies led by Russia, a grouping known as OPEC+, will meet on Saturday to discuss extending output cuts, Algeria’s Ennahar TV channel reported on Friday, citing an OPEC source. “There still could be a chance that they manage to stretch the cut deal to three months, but energy traders would be extremely sceptical that compliance would remain high beyond July,” Moya added.
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