Oil futures are slightly higher Wednesday morning, hovering near a three-month high after the Organization of Petroleum Exporting Countries as expected, left its official production target unchanged.
According to reports, OPEC will keep its 30 million barrels-a-day production target through the second half of the year. OPEC did acknowledge that supply disruptions are at high levels, with Citibank pointing toward 3 million to 5 million barrels a day. Still, shortfalls could easily be met with increased production from Saudi Arabia.
WTI oil futures were last up 0.16%, while its overseas counterpart Brent crude was last up 0.46%
Oil prices are also seeing support from expectations that U.S. crude supplies declined in the week ended June 6th. The U.S. Energy Information Administration will release its latest inventories report Wednesday. Analysts polled by the Wall Street Journal expect a decline of 1.7 million barrels.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
