Crude output, OPEC+ in focus

Crude output, OPEC+ in focus

An aerial view of oil tankers anchored near the ports of Long Beach and Los Angeles amid the coronavirus pandemic on April 28, 2020 off the coast of

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An aerial view of oil tankers anchored near the ports of Long Beach and Los Angeles amid the coronavirus pandemic on April 28, 2020 off the coast of Long Beach, California.

Mario Tama | Getty Images

Oil prices eased slightly on Friday as markets wait to see whether major producers will commit to an extension of record production cuts to support oil prices.

Brent crude futures were down 8 cents, or 0.2%, at $39.91 a barrel as of 0106 GMT and U.S. West Texas Intermediate (WTI) crude futures fell 15 cents, or 0.4%, to $37.26 a barrel.

Still both benchmarks are set for a sixth weekly gain on the back of output cuts and signs of improving fuel demand as countries begin to ease restrictions to prevent the spread of the coronavirus.

WTI is up nearly 5%, while Brent has risen about 13% OPEC+ will meet on Saturday to discuss extending output cuts, Algeria’s Ennahar TV channel reported on Friday citing an OPEC source. Three OPEC+ sources said earlier a ministerial video conference could be held this week, should Iraq and others agree to boost their adherence to existing supply cuts.

The Organization of the Petroleum Exporting Countries and allies led by…



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