Oil ticks higher ahead of output curb informal talks

Oil prices on both sides of the Atlantic trade higher, extending its recovery from almost 1.5% drop witnessed a day before.

Istanbul informal meeting and API report eyed

Currently, both crude benchmarks traded in the green zone, with Brent up +0.42% at $ 52.64, while WTI gains +0.32% to 50.96. Oil snapped previous losses and staged a minor-recovery this session, as investors took profits off the table ahead of the OPEC and Russia’s output curb talks in Istanbul scheduled later today.

Moreover, markets turn on the side-lines ahead of the weekly API crude stockpiles report due for release later today, which will throw fresh light on the supply-side scenario in the commodity.

Meanwhile, oil markets digest the latest oil report from the IEA, revealing that global oil supply could fall in line with demand more quickly if OPEC and Russia agree to a steep enough cut in production.