Black commodities traded mixed on Friday amid quiet trade during the Asian market session following the ‘Thanksgiving Days’ holiday in the United States.
After gaining huge profits to rise to an 8-month high, the US WTI fell more than 1% following signs of a split among OPEC + members in the days leading up to next week's policy meeting.
In the Asian session, US WTI crude futures fell 1.6% to $ 44.98 a barrel, while Brent crude traded steady at $ 47.80 a barrel.
While most analysts predict OPEC + will postpone plans to increase production until the first quarter of next year, there is likely to be a shorter delay following opposition from the United Arab Emirates and Iraq who want to continue selling oil to support the economy.
Oil prices have risen by about 7% this week supported by positive developments on the coronavirus vaccine which is likely to become available later this year, raising brighter prospects for a recovery in global demand.
On Thursday, OPEC President told the group to remain vigilant with internal data showing the risk of new oil surplus early next year if production increases in January.
The statement came after Iraqi leaders' representatives criticized the group this week, saying the economic and political situation of member countries should be taken into account before they are asked to restrict production.
