Crude prices are steady
On Thursday, oil prices mostly stood still as market participants awaited the desired outcome of the OPEC gathering later today.
In New York, July deliver sweet and light crude futures were worth $48.99, down $0.04. As for August Brent oil futures they managed to gain $0.14, trading at $49.86 per barrel.
Ahead of the closely-monitored gathering in Vienna, several delegates told that the group is considering a production ceiling. The given idea is supposed to get support from Saudi Arabia. This initiative might be derailed due to Iran’s obstinate position. This country will most likely reject this proposal.
Obviously, talks about that ceiling clearly represent a return to OPEC’s standard way of doing business. For the last months failed discussions have focused on limits on individual countries’ crude production, while the ceiling would place a definite cap on the entire group’s output. OPEC boasted an output ceiling of 30 million barrels until December.