OPEC maintains its production target
Stringer Iraq/Reuters
According to Bloomberg, Saudi Arabian oil minister Ali al-Naimi confirmed the report that markets were already expecting.
OPEC is holding its June meeting in Vienna on Friday.
Following this news, crude-oil prices were little changed, with West Texas Intermediate crude trading right around $57.90 a barrel and Brent crude oil, the international benchmark, trading near $62.
Crude-oil prices slumped Thursday ahead of the meeting, with WTI and Brent crude falling by more than 2%.
This is not a surprise to markets, as OPEC has already overshot its output levels for several months to maintain market share.
OPEC has exceeded its own target of 30 million bpd for 12 straight months. pic.twitter.com/BPQrvz6jUY
- Jonathan Ferro (@FerroTV) June 5, 2015
On a bit of a lag, however, crude-oil prices were starting to move higher Friday morning.
Here's the pop in WTI, which is up a bit less than 1%.
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