U.S. crude prices up as dollar slips against euro

Dollar slips, pushing up U.S. crude, while Brent turns choppy with OPEC's Vienna meeting on Friday in focus. The OPEC widely expected to maintain output.

The United States oil prices were buoyed by a slump in the dollar against the euro, while Brent was choppy ahead of an OPEC meeting in Vienna on Friday where the group is expected to reiterate its high output strategy.

The U.S. crude was trading up 9 cents at 41.17 dollars per barrel at 12.36 IST, while internationally traded Brent was down 7 cents at 43.77 dollars. "Everyone is waiting on what OPEC is going to do," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance.

However, the Organization of the Petroleum Exporting Countries (OPEC) is widely expected to maintain its output ceiling of 30 million barrels per day (bpd) at Friday's meet. The re-entry of Indonesia into OPEC, after a seven-year break, and Iran's plans to ramp up output as soon as western sanctions on the country are lifted, will have a bigger influence on outlook, analysts said.

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Apr 5, 2020 3:31:33 AM |

Next Story