NYMEX and Brent fall slightly in Asia
On Friday, crude prices stood flat to weaker during early Asia trade as traders’ bearing sentiment was intact after OPEC meeting in Vienna.
In New York, July delivery WTI crude futures sank 0.02%, being worth $49.16 per barrel. At the same time, Brent oil futures tumbled 0.04%, trading at $50.02.
On Thursday overnight, oil futures went up, thus reversing territory late in the trading session, because a steep descend in American crude inventories compensated a widely expected OPEC’s verdict to leave its crude output ceiling intact.
On Thursday, oil reached session-minimums after OPEC finished its semi-annual gathering in Vienna without making any changes to its output ceiling. That arose amid a bullish statement from Saudi Arabia, trying to soothe market sentiments by simply pledging not to flood energy markets with extra oil in the nearer months. Meanwhile, Iran hinted it’s not going to slow its output as this country tries to get back to its pre-sanctions levels.