Oil, weekly outlook

Oil prices remained under pressure amid uncertainty over a possible deal between the Organization of the Petroleum Exporting Countries and other major producers to cut output in a bid to reduce one of the largest supply gluts in decades.

Saudi Arabia cut prices for its crude exports to Europe and Asia on Thursday, in a move designed to defend market share, lowering expectations among traders that the kingdom will be willing to participate in a production cut.

Data from the U.S. Energy Information Administration on Wednesday showed that inventories of crude oil in the U.S. stand near eight-decade highs.

In the week ahead investors will be looking ahead to supply data from industry group the American Petroleum Institute on Tuesday ahead of Wednesday’s weekly government report on stockpiles.

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