MTECHTIPS;-Crude Oil Prices - Weekly Outlook: June 18 - 22

MTECHTIPS;-Crude Oil Prices - Weekly Outlook: June 18 - 22

MTECHTIPS-Oil markets will be focused on the Organization of Petroleum Exporting Countries (OPEC) highly-anticipated meeting to see whether major producers plan to increase production. Oil ministers from OPEC, Russia and other major producing countries will meet in Vienna on Thursday and Friday to review their current production agreement. Most market analysts expect the oil cartel to consider altering a production deal that has held back 1.8 million barrels per day (bpd) from the market for the past 18 months. Russia has pushed for returning a million barrels per day back into the market relatively quickly. However, Saudi Arabia would like to try a lower amount to prevent the price from dropping too much, experts said. However, not all OPEC members agree. Iran, Venezuela and Iraq have all said the current production agreement should stay in place. Oil prices took a beating Friday, ending the week lower, as traders braced for higher global supplies. August Brent crude, the global benchmark, tumbled $2.50, or 3.3%, to end at their lowest since May 2 at $73.44 a barrel on the ICE Futures Europe exchange. They suffered a loss of roughly 4% for the week. Elsewhere, U.S. benchmark oil, July West Texas Intermediate crude lost $1.83, or 2.7%, to settle at $65.06 a barrel on the New York Mercantile Exchange. It saw its lowest finish since June 6 and lost about 1% for the week, the fourth weekly decline in a row

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