Oil prices stable ahead of OPEC+ meeting - Reuters

Oil prices stable ahead of OPEC+ meeting - Reuters:

Oil prices were broadly stable on Thursday as Brent erased losses in early European trading ahead of a meeting of OPEC members and their allies against the backdrop of demand concerns over new coronavirus cases in China and elsewhere.

Brent crude LCOc1 futures were up 2 cents at $40.73 a barrel at 0725 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped 14 cents to $37.82 a barrel.

Both benchmarks were down about 2% earlier in the session. 


“The market continues to balance re-opening optimism with unknowns around the economic uncertainties from a secondary outbreak of the virus,” said Stephen Innes, market strategist at AxiTrader.