Oil prices edged lower in muted trading on Thursday ahead of the start of OPEC m...
TOKYO - Oil prices edged lower in muted trading on Thursday ahead of the start of OPEC meetings later in the day, steadying after the previous session’s steep gains on a sharp drop in U.S. crude inventories and expectations of more output cuts.
West Texas Intermediate crude futures fell 22 cents, or 0.4%, to $58.21 a barrel. They settled up 4.2% on Wednesday. The so-called OPEC+ group has been curbing output since 2017 to counter surging production from the United States, which is now the world’s biggest oil producer. OPEC members meet in Vienna on Thursday and are then joined by Russia and the other members of the wider grouping on Friday. OPEC+ has been withholding about 1.2 million barrels per day of production.
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