On Friday, July-dated Brent crude, the global price benchmark, fell 0.3% to $61.85 a barrel on London's ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures for July were recently trading down 0.6% at $57.63 a barrel. "With the group's output steadily ramping to reach 31 [million barrels a day] May the suggestion is that OPEC, led by the Gulf States, is increasingly comfortably defending market share and will remain committed to the policy decision taken last November," analysts at Deutsche Bank said in a report.
Saudi Arabia’s oil minister cast fresh doubt on whether that production-cut agreement would be reached by the Organization of the Petroleum Exporting Countries, plus Russia and other producers, who are meeting in Vienna Thursday, the Wall Street Journal reported, citing to news reports from the region.
“According to [Saudi Minister Khalid] al-Falih, it is premature to say whether OPEC and the non-OPEC countries — including Russia — that will be attending the meeting will reach any such agreement,” said Commerzbank commodities analysts in a note, citing those reports.