Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Crude oil futures remain stable ahead of OPEC meeting

Commodities | Energy | Oil | Refined Products | Jet Fuel | Coronavirus

Green shoots for jet fuel in sight at the IATA conference


Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Agriculture | Grains

US corn planting reaches 88% of the 2020-21 intended area, tops five-year average

Crude oil futures remain stable ahead of OPEC meeting

Singapore — Crude oil futures were stable in mid-morning trade in Asia Friday ahead of OPEC Joint Monitoring Committee Meeting in Jeddah later Friday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

At 10:30 am Singapore time (0230 GMT), June ICE Brent crude futures were up 10 cents/b (0.14%) from Thursday's settle at $73.88/b, while the NYMEX May light sweet crude contract was up 11 cents/b (0.16%) at $68.40/b.

Geopolitical tensions and a larger-than-expected draw on US crude stocks helped push prices to fresh highs on Thursday. The NYMEX May WTI futures contract touched an intraday high of $69.35/b and June ICE Brent futures traded as high as $74.75/b on Thursday.

Comments from the Omani oil minister and profit taking pared some of the gains, analysts said.

Omani oil minister Mohammed al-Rumhy told reporters that $65-75/b was a "more realistic number" for the rest of the year. "I don't think we need to worry about a $100 scenario," he added.

"Crude oil prices retreated from above three-year highs, but sentiment remained upbeat amid expectations that major oil producers will confirm continued compliance with OPEC-led production curbs in a meeting slated for Friday," UOB Bank said in a note Friday.

The six-member committee in charge of monitoring the OPEC-led supply cut agreement will meet in Jeddah later Friday.

"Market watchers [would be looking] closely at today's OPEC meeting in Saudi Arabia and monitor Riyadh's potential confirmation of its $80/b oil price goal," OCBC economist Barnabas Gan said.

Speaking to reporters Thursday, Saudi Arabia's energy minister Khalid al-Falih, who is chairman of the monitoring committee, told reporters: "We're not here to talk price. We're here to look at fundamentals, and that's what this meeting is about."

Price Futures Group energy analyst Phil Flynn said in a note: "We are in a new super cycle in oil and while it can be ugly up and down at times and risky, we are going to continue to move ultimately much higher in price in the coming years."

As of 0230 GMT, the US Dollar Index was up 0.06% at 89.69.

--Avantika Ramesh,
--Edited by E Shailaja Nair,