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Oil futures steady after stalemate at OPEC meeting

Published 03/06/2016, 09:41 pm
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Investing.com - Oil futures recouped losses early on Friday after the OPEC meeting in Vienna the previous day failed to agree on an output ceiling,
Brent crude was up 6 cents, or, 0.12%, at $50.10 at 0645ET, while U.S. oil futures were up 2 cents, or 0.04%, at $49.190.
After the OPEC meeting, Saudi Arabia said members of the cartel would not open the flood gates to the market. However, Iran remains keen to increase its market share to pre-sanction levels.
The next OPEC meeting is to be held on November 30 in Vienna.
The U.S. Energy Information Administration said Thursday crude inventories fell by 1.4 million barrels in the latest reporting week to 535.7 million barrels, historically high levels for this time of year.

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