Crude oil prices turned higher Friday, but remained on track for a significant weekly loss, amid signs that OPEC will continue production at current levels.
Saudi Arabia and the big oil producers in the OPEC cartel refuse to call an emergency meeting to deal with the recent collapse in oil prices.
A top Saudi official said this week he expects global oil demand to rise by year's end.
Crude oil for April was up $1 at $49.15 a barrel ahead of this morning's economic news from the U.S. Crude is on track for a weekly loss of more than 5 percent, hurt by a stronger U.S. dollar.
Traders will be closely watching a second reading of fourth-quarter US GDP data after preliminary estimates released in January showed America's growth lost momentum at the end of 2014.
No comments:
Post a Comment