Brent oil flat ahead of OPEC meeting

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Source: Dukascopy Bank SA
Energy commodities slid on Wednesday ahead of key OPEC meeting on output target that is expected to result in no changes in the current production level.

Crude oil followed bearish trend as global production is likely to remain ample as OPEC is not likely to change current output target during meeting due on Thursday.

Brent oil was flat despite being pressured by negative demand outlook after dismal US retail sales data. Investors are also cautious ahead of OPEC decision.

Natural gas plunged as traders awaited US supplies report due on Thursday. Moreover, moderate temperatures in the US are expected to damped demand.

Heating oil tracked crude and Brent oil losses, falling by 0.40%.


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