Oil benchmarks trade on a flat note as investors consider possibility of major producers reaching an output freeze agreement without Iran’s participation.
At the time of writing, Brent futures were trading flat around $41.58/barrel. WTI futures were trading flat around $40.25/barrel as well.
The rally seen this week was triggered news of OPEC and Non-OPEC meeting in mid-April in Doha. The comments from Qatar oil minister Mohammed bin Saleh Al-Sada signaled markets that major producers are prepared to go ahead with output deal irrespective of Iran’s participation.
Traders now await US oil rig count release. Last week’s data had shown number of rigs drilling for oil and natural gas in the United States hit the lowest level since at least 1940.
(Market News Provided by FXstreet)