Oil prices held steady on Monday following notable gains exhibited last week after speculation that OPEC members are on the brink of holding an emergency meeting in order to address a massive oil supply glut which has continually pushed the market downward, according to Reuters.
Frank Klumpp, an oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg, believes that OPEC and its corresponding decisions are very prominent in affecting the global oil market.
"Some traders still think about the chances of an OPEC plus Russia production cut and close their short positions," he said, according to Trade Arabia News.
Looking at the results of Monday's trading, it seems like the oil market's morale has been raised indeed, with Brent crude futures remaining unchanged at $33.36 a barrel and U.S. futures rising 29 cents from Friday's close, ending the day's trading at $29.73, according to The Boston Globe.
Multiple members of OPEC have already stated that they are open to holding an emergency meeting in order to address the current problems with the global oil market. Though there has been some opposition from a number of notable members of the organization initially, recent market headwinds, as well as the notable reaction of the oil market to the possibility of an OPEC-initiated intervention, might finally convince the organization to adopt a different approach to the oil market.
