Oil futures finished
with a loss for a second day in a row on Thursday, as the market weighed
the likelihood that key producers meeting this weekend will reach a
pact to cap output.
Heavyweight suppliers,
including Saudi Arabia and Russia, are gathering in Doha, Qatar, on
Sunday to discuss curbing their output to support prices. However,
doubts are growing that even if they manage to clinch an agreement, it
may not be strong enough to alleviate the continuing global glut of
crude.
May West Texas
Intermediate crude fell 26 cents, or 0.6%, to settle at $41.50 a barrel
on the New York Mercantile Exchange, but traded between a low of $40.84
and a high of $42.16 during the session. For the week, prices were
looking at more than 4% climb.
June Brent crude on London’s ICE Futures exchange lost 34 cents, or 0.8%, to $43.84 a barrel.
The talk about the
freeze meeting has kept investors on edge in recent weeks. Prices have
gained roughly 8% month to date but the rally has been marked by high
volatility amid the lack of clarity about what may happen in Doha. Iran
has already balked at participating in any deal as the country seeks to
increase its production to pre-sanctions levels.
Source: MarketWatch
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