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Crude Oil Mixed as Traders Wait for G20 Meeting

June 28, 2019 at 18:28 by Vladimir Vyun

Crude oil was mixed today, with the West Texas Intermediate grade falling and the Brent grade rising. Markets were generally directionless on Friday and traders were reluctant to open new positions ahead of the conclusion of the Group of Twenty summit and especially the meeting of US President Donald Trump and Chinese President Xi Jinping on the sidelines of the summit during the weekend.

Afterwards, the Organization of Petroleum Countries and its allies will meet to discuss whether they should prolong the production cut deal. Russian Energy Minister Alexander Novak voiced hope that the G20 summit will bring more clarity on the global supply-demand balance, helping to make the decision:

The market is currently in a very interesting phase. On one hand, it seems to be balanced in terms of supply and demand. But on the other hand, there are so many uncertainties. We hope that there will be more clarity and more visibility after the G20 summit in Osaka.

Meanwhile, Baker Hughes released its rig count, showing that US drillers increased the number of oil rigs by 4 to 793 this week. The number of gas rigs decreased by the same amount to 173.

Futures for delivery of WTI crude oil in August declined 0.15% to $59.34 per barrel as of 18:18 GMT on NYMEX today. At the same time, Brent crude rose 0.30% to $66.75 per barrel on ICE. Natural gas slid 0.47% to $2.31 per million British thermal units on NYMEX.

If you have any questions and comments on the commodities today, use the form below to reply.

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