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Home / Business / Oil prices fall as market expects G20, OPEC meets by Reuters

Oil prices fall as market expects G20, OPEC meets by Reuters



© Reuters. FILE PHOTO: The Sun Sits Behind a Pump Outside Saint-Fiacre

By Jane Chung

SEOUL (Reuters) – Oil prices eased Friday in a cautious market, as traders increased a scheduled meeting between US President Donald Trump and Chinese President Xi Jinping at the G20 summit and next week's OPEC meeting.

Brent crude () futures were down 39 cents, or 0.6%, at $ 66.16 per barrel at 0245 GMT.

US West Texas Intermediate (WTI) crude () futures were down 40 cents, or 0.7%, to $ 59.03 per barrel.

The leaders of the G20 meet Friday and Saturday in Osaka, Japan, but the most anticipated meeting is between Trump and Xi on Saturday.

A trade conflict between the world's two largest economies has weighed the oil prices, Fanning fears that slowing economic growth may lead to demand for the product.

"While there is no expectation of a ceasefire between the two parties, it will set the stage for the OPEC meeting a few days later," ANZ Bank said in a note.

Yesterday, Trump said a trade deal with Chinese president Xi was possible this weekend, but he is willing to impose US tariffs on most remaining Chinese imports if the two countries do not agree.

"Although trade with the US and China lectures becomes positive, we believe OPEC will extend today's production cuts until the end of the year. However, deeper cuts are unlikely to be seen in the light of rising supply problems," says ANZ.

Organization of petroleum exporting country (OPEC) and so I non-members, including Russia, known as OPEC +, will hold meetings on July 1

-2 in Vienna to decide whether to extend their supply savings.

"The market mood is that OPEC + will be agreed to expand the cuts, but after all, what matters is how deep the cuts will be and how much Saudi Arabia and Russia will curb, "said Kim Kwang-rae, a commodity analyst at Samsung (KS 🙂 Futures in Seoul.

OPEC + members agreed to curb oil production by 1.2 million barrels per day from January 1.

Russian President Vladimir Putin said in an interview with the Financial Times on Thursday that OPEC-led supply cuts helped stabilize the oils The markets and the future of the production agreement were expected to be on the agenda at the G20 summit.

Tensions between the US and Iran have also kept markets on the edge.

One week after US President Donald Trump interrupted air strikes in Iran at the last minute, the prospect of Tehran soon violating its nuclear obligations has created further diplomatic urgency to find a way out of the crisis.

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