UPDATE 9-Oil mixed as dollar gains and key OPEC meeting looms


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    * Euro tumbles as ECB stands pat on rates into 2019
    * OPEC, Russia may agree next week to raise output
    * OPEC split with some producers opposing increase

 (Updates prices, adds comments)
    By Ayenat Mersie
    NEW YORK, June 14 (Reuters) - Oil prices were mixed on
Thursday, with Brent slipping and U.S. crude gaining, as a
stronger dollar weighed and a key supply-setting meeting of the
Organization of the Petroleum Exporting Countries loomed. 
    Brent crude oil  LCOc1  lost 80 cents to settle at $75.94 a
barrel, while West Texas Intermediate crude  CLc1  gained 25
cents to settle at $66.89.
    "The independent show of WTI strength is merely a catchup
process to the higher priced products and Brent values," Jim
Ritterbusch, president of Ritterbusch and Associates said in a
    Brent and WTI hit 3-1/2-year highs in May but have since
drifted lower, indicating investors expect the market to soon
become better supplied as U.S. crude production rises and as
OPEC and its allies look poised to increase output. 
    The dollar  .DXY  gained against a basket of currencies,
approaching the six-month high it hit in late May as the euro
fell broadly as the European Central Bank planned to keep
interest rates at record lows into the summer of 2019.
    "(ECB President Mario) Draghi came out a little bit more
dovish than people thought he was going to be. And that really
caused the euro to take a dip and the (U.S.) dollar to go up,
which is putting downward pressure on prices," said Phil Flynn,
analyst at Price Futures Group in Chicago. 
    A stronger dollar makes greenback-denominated commodities,
like oil, more expensive for holders of other currencies.
    Oil supply concerns have also weighed on the market.     
    In 2017, OPEC began cutting about 1.8 million barrels per
day to support the market. But, with Brent prices up by around
180 percent from their 2016 low, global crude inventories
falling, Venezuelan production plummeting and imminent sanctions
against Iran, the group may soon end their supply cuts. 
    The alliance meets on June 22-23 in Vienna, where it is
expected to come to a decision on output. 
    "A wait-and-see approach is taking hold across the energy
complex as market participants buckle down ahead of next week's
crunch OPEC/non-OPEC meeting," said Stephen Brennock, analyst at
London brokerage PVM Oil Associates.
    Russian Energy Minister Alexander Novak said members of the
OPEC-plus production cut deal can consider returning up to 1.5
million bpd to the market gradually.  urn:newsml:reuters.com:*:nR4N1NL07B
    Saudi Energy Minister Khalid al-Falih said he expected a
reasonable and moderate agreement next week when OPEC and
non-OPEC oil producers meet.  urn:newsml:reuters.com:*:nL8N1TG2IX
    The two ministers agreed to expand cooperation in oil and
gas, Russia's ministry said in a statement after their meeting
in Moscow.  urn:newsml:reuters.com:*:nR4N1TF001

GRAPHIC: U.S. oil production    https://reut.rs/2JJiOzg
 (Additional reporting by Christopher Johnson and Amanda Cooper
in London and Henning Gloystein in Singapore;
Editing by Edmund Blair and Lisa Shumaker)
 ((ayenat.mersie@thomsonreuters.com; +1 646 223 4165;))

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