Oil under pressure as Russia denies participation in OPEC meeting

After a temporary rebound witnessed a day before, oil prices on both sides of the Atlantic fell back in the red zone as sentiment remains weighed down by latest OPEC meeting related news flow.

Oil eyes weekly supply reports, OPEC meeting - key

Currently, both crude benchmarks edge lower, with Brent down -0.67% to trade just below $ 49 mark while WTI drops -0.55% to $ 46.80 levels. Oil prices resume its last week’s decline after OPEC experts said late-Monday that an agreement on the details of the oil output deal was not reached.

Moreover, the latest comments from the Russian oil minister also added to downbeat momentum around oil prices. Russia’s oil minister Novak noted that Russia has no plan to meet OPEC in Vienna tomorrow.

In the day ahead, the oil markets will keep a close eye on the developments surrounding the OPEC meeting, as focus turns to the US GDP data and API private sector crude inventory report due later in the NA session today.