Oil Investors close positions as Tropical Storm approaches Gulf of Mexico

By MG News | October 06, 2017 at 03:19 PM GMT+05:00
Oil markets were rather skeptical and cautious as they watched a tropical storm over the Mexican Gulf. But the talks of extension by Russia and Saudi Arabia shook markets with positivity.
U.S. West Texas Intermediate (WTI) crude was trading at $50.76 per barrel at 0333 GMT, down 3 cents from its last close.
Brent crude was down 4 cents at $56.96 a barrel. The activity was less compared to other days, as China was observing a Golden Week holiday. The investors were also preoccupied with storm brewing in the Gulf of Mexico.
King Salman of Saudi Arabia, OPEC's de-facto leader, met with Russian President Vladimir Putin in Moscow on Thursday to discuss, among other things, oil policy.
Saudi Arabia made no firm pledge to extend a deal between OPEC, Russia and other producers on cutting supplies but said it was "flexible" regarding suggestions to prolong the pact until the end of 2018.
A deal to cut around 1.8 million bpd in production has been in place since January and is due to expire at end-March 2018.
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