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Non-Opec oil production giant Russia confirmed on Tuesday that it would not attend the gathering, but added that a meeting between the group and non-affiliated producers at a later stage was possible. Brent crude futures were trading at $47.69 per barrel at 07:41 GMT, down 55 cents, or 1.14%, from their last close. US West Texas Intermediate crude futures were down 51 cents, or 1.06%, at $46.58 a barrel. The Organization of the Petroleum Exporting Countries (Opec) is meeting officially in Vienna on Wednesday to discuss a planned production cut in an effort to curb overproduction that has dogged markets and more than halved prices since 2014. "Volatility is set to be high in the oil market in the days ahead," Barclays bank said on Tuesday.
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Non-Opec oil production giant Russia confirmed on Tuesday that it would not attend the gathering, but added that a meeting between the group and non-affiliated producers at a later stage was possible. Brent crude futures were trading at $47.69 per barrel at 07:41 GMT, down 55 cents, or 1.14%, from their last close. US West Texas Intermediate crude futures were down 51 cents, or 1.06%, at $46.58 a barrel. The Organization of the Petroleum Exporting Countries (Opec) is meeting officially in Vienna on Wednesday to discuss a planned production cut in an effort to curb overproduction that has dogged markets and more than halved prices since 2014. "Volatility is set to be high in the oil market in the days ahead," Barclays bank said on Tuesday.
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