The price of crude oil hovered about its lowest value since November of last year as the Organization of Petroleum Exporting Countries convenes to delve into discussion about adjustments to the production ceiling, Bloomberg reports.
The past five of six trading sessions have seen losses for the energy commodity. But three nations' oil ministers at the Vienna OPEC meetings said they are likely to keep the production ceiling as is due to preoccupations about a slowdown in global growth.
"The market is in a distinctive wait-and-see mode," senior manager Ole Hansen with trading advisory Saxo Bank A/S in Copenhagen told the news source. Following adjournment of Thursday's OPEC summit, the "immediate focus will switch to Greece elections this weekend because that's really where demand side questions will be answered," Hansen said.
At 9:46 a.m. on Thursday, crude oil futures fell 0.3 percent, a 29 cent drop to $96.84 per barrel.
Reuters reports lawmakers in Japan are set to ensure crude cargoes from Iran continue, establishing the Pacific Rim nation as the first of the oil-rich Middle-Eastern country's customers to continue reliance as European Union sanctions are implemented.
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