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2021.03.0219:15:00UTC+00Oil Futures Settle Sharply Lower Ahead Of Inventory Data, OPEC Meet

Crude oil prices drifted lower on Tuesday as traders weighed crude demand and supply position and looked ahead to weekly inventory data, and the upcoming meeting of the Organization of the Petroleum Exporting Countries and its allies.

West Texas Intermediate Crude oil futures for April ended down $0.89 or about 1.5% at $59.75 a barrel, the lowest settlement in nearly two weeks.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are expected to consider raising output levels on Thursday.

The group could discuss allowing as much as 1.5 million barrels per day (bpd) of crude back into the market. Previously, Saudi Arabia has said that it will start to increase production in April.

Meanwhile, Abu Dhabi National Oil Company (ADNOC) has notified some clients that it will ease its crude oil supply reduction to 5% in April for term buyers, media reports said, citing sources familiar with the matter.

The weekly oil report from the American Petroleum Institute (API) is due after trading hours.

The Energy Energy Information Administration (EIA) is scheduled to release its weekly inventory data at 10:30 AM ET on Wednesday.



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