Oil Prices Mixed After Rally

05.12.2019 09:40 (UTC +0)

Oil prices traded mixed on Thursday after rallying sharply in the previous session on data showing a steeper than expected weekly drop in crude oil inventories and amid expectations that OPEC and its allied producers would extend production curbs.

Benchmark Brent crude edged up 0.2 percent to $63.12 a barrel, after having surged 2.6 percent the previous day. West Texas Intermediate (WTI) crude futures were down 0.1 percent at $58.39 after settling up 4.2 percent on Wednesday.

The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and other producers, a group known as OPEC+, on Friday.

Oil producers are seeking to extend their current round of production cuts beyond March and up until the end of 2020, in an effort to prop up prices and prevent a glut next year.

Meanwhile, a report from the Energy Information Administration released on Wednesday showed a steeper than expected weekly drop in crude oil inventories.

Crude oil inventories tumbled by 4.9 million barrels in the week ended November 29th compared to estimates for a decrease of about 1.7 million barrels.

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