Oil sputtered near $58 a barrel as the OPEC+ coalition failed to pin down the details of an agreement to adjust its official output target even after six hours of talks in Vienna.

Futures were little changed in New York after gyrating throughout the previous session. While the Organization of Petroleum Exporting Countries is nearing a deal to cut production targets by 500,000 barrels a day, ministers left the cartel’s headquarters on Thursday without cementing an agreement. Saudi Prince Abdulaziz bin Salman, in his first meeting as energy minister, left reporters with a promise of “beautiful news tomorrow.”

Oil is still on track for the biggest weekly gain since September as shrinking U.S. crude stockpiles and signs of progress on a possible trade deal between Beijing and Washington added to the bullish tone. A reduction of 500,000 barrels a day by OPEC and its allies would largely be symbolic, simply formalizing the extra supply reductions the group has already been making for most of this year, rather than taking barrels off the market.

West Texas Intermediate for January delivery lost 3 cents to $58.40 a barrel on the New York Mercantile Exchange as of 8:34 a.m. Singapore time. The contract closed unchanged on Thursday after swinging between gains and losses. Prices are up 5.9% this week, the most since the week ended Sept. 20.

Brent for February settlement added 39 cents, or 0.6%, to close at $63.39 a barrel on the London-based ICE Futures Europe Exchange on Thursday. The contract is up 1.5% this week. The global benchmark crude traded at a $5.04 premium to WTI for the same month.

Source : Bloomberg