European markets are set to open slightly higher Friday morning, amid ongoing tensions in the energy market ahead of an OPEC meeting that could expand crude production.
Market focus is largely attuned to a meeting of major oil producers taking place in Vienna, Austria, this week, with a final decision over production policy expected later in the session. Energy ministers have been scrambling to reach a deal on output agreement, with Saudi Arabia warning of shortages but Iran holding out against a deal amid the prospect of lower exports due to looming U.S. sanctions.
In Asia, equities slipped to their lowest level in six months Friday. MSCI’s broadest index of Asia-Pacific shares, excluding Japan, dropped around 0.35 percent.
On Wall Street, industrials and materials shares were hit hard as the Dow Jones industrial average slipped into negative territory for the eighth consecutive session.
Back in Europe, the euro area is scheduled to publish flash Markit services data for June at around 9 a.m. London time.
European stocks seen slightly higher ahead of OPEC meeting