NYMEX trades almost flat
On Monday, in Asia, crude oil prices gave up their early revenues and found themselves in flat territory with holidays in America and Great Britain supposed to keep trade light, while markets are currently looking ahead to an OPEC gathering close to the end of this week.
In New York, July delivery oil futures surged 0.04%, hitting $49.35 per barrel. As for Brent crude futures, they traded $49.85, showing a 0.2% sag.
Market participants will be looking ahead to the Organization of Petroleum Exporting Countries gathering in Vienna, Thursday. The vast majority of market analysts expect the number one crude organization to keep its output quota intact amid surging prices.
By the way, the OPEC’s recent gathering in April didn’t give any agreement as for output freeze at current levels due to Iran’s refusal to meet the initiative.
Apart from that, crude traders are going to pay attention to American stockpile data to be released on Wednesday and Thursday. The data is expected to bring new supply-and-demand signals.