Wall Street Journal citing “unnamed persons familiar with the matter”.
- It is likely that OPEC+ will hold production steady on Monday
- Russia is concerned that a production cut would signal to oil buyers that crude supply exceeds global demand
- Moscow is more concerned about retaining leverage in negotiations with Asian buyers who have bought its crude after Europeans and the US started shunning it this year, people said
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Bottom line, this is a positive oil price.
As I mentioned before, Monday is a US holiday which will close the markets. However, the energy futures markets will open for screen trading at 5 p.m. US Central Time (2200 GMT) on Sunday evening.
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