Business Oil Price Dips Slightly Ahead of Doha Meeting


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Oil prices fell in volatile trade on Friday as investors brace for a meeting between major producers, who are scheduled to discuss a potential production freeze this weekend..

On the New York Mercantile Exchange, light, sweet crude futures for delivery in MayCLK6, -2.10% fell $0.84, or 2%, to $40.66 a barrel.

Brent crude LCOM6, -2.08% the global oil benchmark, fell $0.74 or 1.7%, to $43.09 a barrel, on London’s ICE Futures exchange.

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Both benchmarks were up in earlier trade but dropped by more than a percentage point after a report that Iran’s oil minister Bijan Zanganeh won’t attend the oil producers’ summit Sunday in Doha, Qatar.

In Doha, more than a dozen major producers, including heavyweights Saudi Arabia and Russia, are set to discuss measures to limit production in a bid to support prices. Many analysts, however, are skeptical about the outcome of the talks.








Source: MarketWatch
 
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