Possible Oil Supply Cuts Leaves Market Prices Mixed – 21 September, 2017

Major oil producers may extend supply cuts, leaving prices mixed in Asian trade. Brent Crude was down 0.1 percent or 8 cents to $56.35 per barrel at closing, while West Texas Intermediate crude was up 5 cents or 0.1 percent to $50.60 per barrel. OPEC and other producers will meet to discuss the possibility of an extension of an oil supply cut deal with the thought that it will prop up prices. Last November, OPEC and other producers agreed to cut output to roughly 1.8 million barrels per day due to global oversupply. U.S. Crude production was up from 8.78 million barrels per day to 9.51 million barrels per day last week.