Crude oil futures were little changed in early Asian trade Friday, having risen in the previous session after a decline in U.S. oil inventories offset a non-eventful OPEC meeting. OPEC refrained from changing its oil output policy on Thursday after members failed to agree on a new production ceiling.
OPEC unsurprisingly failed to agree on anything. The market got very excited about a potential output ceiling despite OPEC usually ignoring these ceilings in the past and key members, Saudi Arabia and Iran, fighting multiple proxy wars against each other.
Oil prices found support instead in U.S. Energy Information Administration’s announcement of a fall in 1.4 million barrels of crude inventories, the third weekly decline in a row.
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