Oil prices head for weekly drop
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The industry is bracing for the OPEC Plus oil cartel’s meeting on Saturday, which is widely expected to further increase oil production despite weak demand.
Crude prices remain rangebound as traders await decisive signals from OPEC+ and policy shifts, despite bullish inventory data and escalating supply risks.
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Oil drillers in the U.S. shale heartland are slowing down operations, a sign that OPEC's high-stakes price war is starting to pay off, but Saudi Arabia will need to exert a lot more pain to make a lasting impact on market share.
Petroleum prices, however, are being helped by a weaker dollar, which remains near a 52-week low against a basket of foreign currencies on the U.S. Dollar Exchange. A weaker U.S. currency makes dollar-denominated contracts less expensive for traders from other countries.
Saudi Arabia and its partners have discussed another large output hike, even as prices slide and demand wavers.
Kazakhstan has informed OPEC that it does not intend to reduce its oil production, Russia's Interfax news agency cited Kazakhstan's Deputy Energy Minister Alibek Zhamauov as saying on Thursday. "We have already told OPEC that we are not going to cut back and we will produce at our capacity,