MTECHTIPS;-Crude rebounds in Asia with all eyes on OPEC meeting

MTECHTIPS;-Crude rebounds in Asia with all eyes on OPEC meeting

MTECHTIPS- Crude oil prices rebounded in Asia on Monday ahead of a July 24 meeting on OPEC and allies to review progress on output cuts. The U.S. West Texas Intermediate crude September contract rose 0.15% to $45.84 a barrel. On the ICE Futures Exchange in London, 8833 Brent oil for September delivery 0.21% at $48.16 a barrel. On Wednesday, the Fed will give its latest views on rates ahead of the first look at U.S. second quarter growth on Friday. Last week, oil prices settled lower for the second session in a row on Friday, ending at its weakest level in about a week as sentiment soured amid indications that supply from OPEC was set to rise, despite the cartel’s agreement to curb production. Oil sank on Friday after tanker-tracking firm Petrologists said crude output from OPEC members was set to rise by 145,000 barrels a day in July from a month earlier. The increase in oil supply would push production above 33 million barrels per day, due to increased output from Saudi Arabia, the United Arab Emirates and Nigeria. The news comes ahead of a highly-anticipated meeting of some oil ministers from OPEC and non-OPEC producers in Russia on Monday, who are gathering to discuss compliance with the cartel’s deal to cut production
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