Crude Oil Closes Near $49 as OPEC Seen Discussing Output Ceiling
- Saudi Arabia said to use Vienna meeting to restore group unity
- OPEC talks a ‘victory lap’ after rally, Goldman’s Currie says
Why OPEC Is Unlikely to Curb Output
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Oil closed near $49 a barrel in New York as OPEC delegates said the group would be discussing the reintroduction of output ceilings at Thursday’s meeting in Vienna.
West Texas Intermediate was little changed after rising 6.9 percent in May as supply was curbed by wildfires in Alberta and militant attacks in Nigeria. The Organization of Petroleum Exporting Countries is considering a production cap along with other proposals, and any deal would be signal of group unity but unlikely to affect actual production, delegates said.