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Oil Prices Little Changed Ahead of Key OPEC Meeting Next Week

Oil prices were little changed on Friday

Investing.com – Oil prices were little changed on Friday as investors were reluctant to take on large new positions ahead of a key OPEC meeting in Vienna next week.

Crude Oil WTI Futures for July delivery were trading at $66.94 a barrel at 12:45AM ET (04:45 GMT), up 0.07%. Brent Oil Futures for August delivery, traded in London, slipped 0.07% at $75.89 per barrel.

Meanwhile, Shanghai Crude Oil WTI Futures for September delivery were down 0.4% at 466.60 yuan per barrel on Friday.

Movements in oil markets were expected to remain limited ahead of a meeting between producer cartel OPEC and some of its allies on June 22, as investors continued to fear OPEC could ease production curbs at its meeting to offset falling supplies in Venezuela and an expected drop in Iran oil exports as U.S. sanctions loom.

"A wait-and-see approach is taking hold across the energy complex as market participants buckle down ahead of next week's crunch OPEC/non-OPEC meeting," said Stephen Brennock, analyst at London brokerage PVM Oil Associates.

Oil prices were under pressure earlier in the day amid reports that Saudi Arabia and Russia indicated ahead of the OPEC meeting in Vienna next week that production could rise.

Russian Energy Minister Alexander Novak said he held discussions with Saudi Energy Minister Khalid al-Falih in Moscow and that both nations "in principle" supported the gradual exit from the current pact that curbs output.

"We in general support this ... but specifics we will discuss with the ministers in a week," Novak said, adding that one option would involve gradually hiking output by 1.5 million bpd, possibly starting from July 1.

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