The United States oil prices were
buoyed by a slump in the dollar against the euro, while Brent was choppy ahead
of an OPEC meeting in Vienna on Friday where the group is expected to reiterate
its high output strategy.
The U.S. crude was trading up 9 cents
at 41.17 dollars per barrel at 12.36 IST, while internationally traded Brent was
down 7 cents at 43.77 dollars. "Everyone is waiting on what OPEC is going
to do," said Jonathan Barratt,
chief investment officer at Sydney's Ayers
Alliance.
However, the Organization of the Petroleum Exporting Countries (OPEC) is widely expected to maintain its output ceiling of 30 million barrels per day (bpd) at Friday's meet. The re-entry of Indonesia into OPEC, after a seven-year break, and Iran's plans to ramp up output as soon as western sanctions on the country are lifted, will have a bigger influence on outlook, analysts said.
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