The crude oil prices in the u.s. were little changed Friday morning, when the markets were about to finish a solid month of gains, before a series of meetings that will determine probably the fate of the current recovery.
Futures contracts, West Texas Intermediate crude traded in New York were unchanged at 59,45 per barrel at 14: 20, while the futures contracts of crude Brent, the benchmark for the price of oil outside the United States, remained unchanged at 65.67$.
“A key battleground between$ 58.50 lunch and 60,50$ has emerged in anticipation of the G20 summit and meetings of OPEC, which could well offer a big price movement next week,” said Friday, Ole Hansen, head of strategy of raw materials from Saxo Bank, via Twitter.
This weekend will be a key event for the future direction of the demand of pétole, while the presidents of the US and chinese Donald Trump and Xi Jinping meet on the sidelines of the G20 summit at 04: 30, in Osaka, Japan, according to Reuters. The trade dispute between the two countries has been mainly responsible for the slowdown of the world economy this year, according to the International Monetary Fund and others.
Although the markets are seeing is little chance that the two world leaders reach an agreement, hopes are expressed on a truce that would defer customs duties and facilitate the resumption of negotiations.
On Saturday, Russian president Vladimir Putin and crown prince of saudi arabia Mohammed Bin Salman is expected to meet during the G20 meeting. They are likely to discuss the issue of whether and how to extend the current agreement to reduce the production between OPEC and other producers, to which Russia is by far the most important, before the official meetings Monday and Tuesday.
In addition, the Russian minister of Energy Alexander Novak said Friday that he hoped that the G20 meeting would provide more information on the global supply and demand of oil prior to the final decision.
It has also been argued that the Russian government and its oil companies have a unified position on the extension of the agreement to limit production, according to reports from the news agencies Interfax and TASS.
The gross u.s. has gained about 11% this month, although it has little changed for the quarter in the three months to be volatile.
The global economic downturn has caused a drop of 20% of the oil at the end of April. Buyers are no longer revenues in the crude oil after the attacks against tankers in the Middle East, which threatened to disrupt the long-term supply.
In other energy commodities, the futures on gasoline registered a decrease of 0.3%, to 1,9095 dollar a gallon, while heating oil rose 0.3% to 1,9673 dollar a gallon.
Finally, the future of natural gas declined 0.9% to 2,304 usd per million british thermal units.