Oil moved between gains and losses on Tuesday ahead of OPEC’s bi-annual meeting, which kicks off Thursday in Vienna.
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U.S. West Texas Intermediate (WTI) crude futures rose 14 cents to settle at $56.10 a barrel, while Brent futures slid 5 cents to $60.87 a barrel.
“I have no deadline, no,” Trump told reporters in London, where he was due to attend a meeting of NATO leaders. “In some ways, I like the idea of waiting until after the election for the China deal.”
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June, two sources familiar with the matter said.
Saudi Arabia is pushing the plan to deliver a positive surprise to the market before the initial public offering of state-owned Saudi Aramco, the sources said.
At the same time, a senior official at the International Energy Agency (IEA) said on Tuesday that OPEC producers are unlikely to agree to change their current deal on curbing output until the market outlook becomes clearer.
Russian Energy Minister Alexander Novak on Tuesday said he expected this week’s meeting to be constructive but added that Moscow had yet to finalize its position.
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