Oil prices turned lower during European morning hours on Thursday, with the U.S. benchmark falling below the $50-level for the first time since the start of December after data showed another massive increase in U.S. crude supplies.
Futures have been trading in a narrow $5 range around the low-to-mid-$50s over the past three months as sentiment in oil markets has been torn between rising stockpiles and increased shale production in the U.S. and hopes that oversupply may be curbed by output cuts announced by major global producers.
OPEC and non-OPEC countries made a strong start to lowering their oil output by almost 1.8 million barrels per day by the end of June.
Kuwait is scheduled to host a ministerial meeting on March 26 comprising both OPEC and non-OPEC members to review compliance with the output agreement, the second such meeting since the deal was reached.
Oil ministers of Saudi Arabia, Russia, Kuwait, Oman, Algeria and Venezuela will attend the meeting, along with the OPEC secretary general.
More will update soon!!
