-
Energy traders afraid to be short heading into OPEC weekend meeting
Crude prices are having a strong finish to the week after the US jobs report showed the economy is not ready to head into a recession. Oil was heavier throughout the earlier part of the week on disappointing Chinese data and expectations that OPEC+ would not be able to deliver more production cuts despite the Saudi warning to short-sellers. With oil at uncomfortable levels for most energy production countries, no one wants to be short crude going into a weekend OPEC+ meeting. It seems the oil market is doubtful a consensus for another output cut can be reached between the Saudis and Russians, but traders should ... (full story)