CNBC’s “Halftime Report” team is joined by Goldman Sachs’ Jeff Currie to discuss oil markets ahead of an OPEC meeting.
Oil prices fell on Monday amid ongoing uncertainty around the prospect of production cuts. The move lower came even as the CEO of Russian sovereign wealth fund RDIF told CNBC that Moscow and Riyadh were “very close” to an oil deal, and as Russia reportedly said it was ready to reduce output, according to Reuters.
U.S. West Texas Intermediate futures fell 7.97% to settle at $26.08 per barrel, while international benchmark Brent crude futures dipped 3.1% to settle at $33.05 per barrel.
“I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close,” Kirill Dmitriev of the Russian Direct Investment Fund told CNBC’s “Capital Connection” on Monday. Brent prices edged into positive territory shortly after Dmitriev’s optimistic comments, but quickly pared those gains.
On Monday the U.S. Department of Energy said that Secretary Brouillette participated in a “productive discussion” with Saudi Arabia’s energy minister about the “ongoing challenges and instability in global oil markets.” According to the statement the two energy ministers agreed to “continue this dialogue through a G20 Energy Ministers meeting in the near future.”
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