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Crude oil futures edged lower this morning, amid growing indications the Organization of Petroleum Exporting Counties will keep production levels unchanged when it meets on Friday, despite ongoing concerns over ample global supplies.

Oil prices slipped on Thursday ahead of a key OPEC meeting to decide production policy at a time of huge global oversupply. The Organization of the Petroleum Exporting Countries is expected on Friday to keep a group output target of 30 million barrels per day (bpd), a ceiling it has been exceeding for most of the last two years, weakening prices. The cartel is now pumping about 2 million bpd more than needed, analyst say, feeding a glut that has left millions of barrels stored on tankers without a buyer and kept prices at close to half their peak levels last year.

U.S.

Forecast: Crude oil -1.6; Distillates +1.2; Gasoline +0.1 million barrels vs previous week.
DOE: Crude oil -1.9; Distillates +3.8; Gasoline -0.3 million barrels vs previous week.
API: Crude oil +1.8; Distillates --; Gasoline +1.6 million barrels vs previous week.

Houston (ex-wharf indications 4-6)
380cst $346
180cst $469
MGO $651

New Orleans (ex-wharf indications 4-6)
380cst $355
180cst $407
MGO $623

Singapore (delivered indications 4-6)

WTI is losing with -$1.93. Singapore paper is down with -$14.75 for 180cst with -$13.90 for 380cst for Jun, and for Jul 180 cst -$12.65 and 380cst with -$13.00 with MGO contracts Jun gaining with -$12.65 and in Jul with -$13.00. The cargo market is bearish with 180cst -$9.36, 380cst with -$6.91 and MGO up with -$0.75.

380cst $365
180cst $381
MGO $576

Fujairah (delivered indications 4-6)

380cst $373
180cst $399
MGO $734

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $329
MGO 0.1%S: $559