Crude oil prices were mixed in Asia on Monday as the market turned cautious ahead of a key OPEC meeting near the end of the week.
U.S. West Texas Intermediate (WTI) crude futures dipped 0.42% to $58.70 a barrel. ICE Brent crude futures, the benchmark for oil prices outside the U.S., rose 0.47% to $63.77 a barrel.
This week, market participants will focus on the Organization of Petroleum Exporting Countries highly-anticipated meeting on Thursday to see whether major producers plan to extend their current production-cut agreement.
Most market analysts expect the oil cartel to extend output cuts for a further nine months until the end of next year in a bid to reduce global oil inventories and support oil prices.
Energy traders will also eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer.
Last week, crude oil prices finished higher in an abbreviated session on Friday, with the U.S. benchmark surging to its best level since July 2015, as the shutdown at North America’s Keystone pipeline continued to cut deliveries to storage facilities.
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