The price for September futures of West Texas Intermediate (WTI) dropped by 0.12 percent and stood at $48.45 per barrel.
The OPEC/non-OPEC Joint Technical Committee (JTC) meeting will focus on discussing the conclusions of the JTC extraordinary session held earlier in Abu Dhabi.
The US JP Morgan analysts expect little new to emerge from the meeting “as it is not a full ministerial level meeting (that will be held in September) except the usual platitudes to enhanced cooperation.”
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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