Oil prices recovered losses seen in early Europe, but gains are hard to come as markets believe next Sunday’s output freeze meeting in Doha is unlikely to help address supply glut issue.
At the time of writing, WTI futures were largely unchanged on the day around $39.70/barrel. Brent oil was up just 0.17% at $42.01/barrel. Prices hit a three-week high on Friday.
The back and forth action is not surprising since many in the markets believe the OPEC and non-OPEC meet is likely to disappoint markets. Analysts at Goldman Sachs have warned markets the outcome of the meeting may be bearish for oil.