Oil little changed in early trading

This morning, New York crude oil futures for WTI rose slightly by + 0.08% to $ 47.38 and Brent oil futures were down -0.26% to $ 49.54 per barrel.

Analysts doubt the possibility of effective action by the producing countries to stabilize prices. Oil Minister of Saudi Arabia stated that, in general, he does not consider it necessary to intervene in the operation of the market, indicating that the market itself is already “moving in the right direction.” Also, OPEC’s Mohammed Barkindo said he sees the increasing willingness of member countries of the cartel to agree, as they are suffering losses due to the current low prices. Iran announced its intention to participate in the OPEC meeting, but not ready to freeze production.

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