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Oil prices dip over scepticism ahead of OPEC meeting

Reuters  |  SINGAPORE 

By Henning Gloystein

(Reuters) - prices fell early on Tuesday on doubts that producer cartel OPEC will be able to hammer out a meaningful output cut during a meeting on Wednesday to rein in a supply overhang and prop up prices.

International Brent crude futures were trading at $48.10 per barrel at 0102 GMT, down 14 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate crude futures were down 19 cents, or 0.4 percent, at $46.89 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) is meeting officially in Vienna on Wednesday to discuss a planned production cut in an effort to curb overproduction that has dogged markets and more than halved prices since 2014.

With a high degree of uncertainty going into the last 24 hours before the meeting, price volatility is expected to be high.

"We expect intra-day volatility to ratchet higher again into tomorrow, with price action being entirely headline driven," said Jeffrey Halley, senior market analyst at OANDA brokerage in

There remains disagreement among OPEC-members over which producers should cut by how much, and a plan to bring non-OPEC giant Russia to participate has so far also failed.

(Reporting by Henning Gloystein; Editing by Richard Pullin)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Oil prices dip over scepticism ahead of OPEC meeting

SINGAPORE (Reuters) - Oil prices fell early on Tuesday on doubts that producer cartel OPEC will be able to hammer out a meaningful output cut during a meeting on Wednesday to rein in a global supply overhang and prop up prices.

By Henning Gloystein

(Reuters) - prices fell early on Tuesday on doubts that producer cartel OPEC will be able to hammer out a meaningful output cut during a meeting on Wednesday to rein in a supply overhang and prop up prices.

International Brent crude futures were trading at $48.10 per barrel at 0102 GMT, down 14 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate crude futures were down 19 cents, or 0.4 percent, at $46.89 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) is meeting officially in Vienna on Wednesday to discuss a planned production cut in an effort to curb overproduction that has dogged markets and more than halved prices since 2014.

With a high degree of uncertainty going into the last 24 hours before the meeting, price volatility is expected to be high.

"We expect intra-day volatility to ratchet higher again into tomorrow, with price action being entirely headline driven," said Jeffrey Halley, senior market analyst at OANDA brokerage in

There remains disagreement among OPEC-members over which producers should cut by how much, and a plan to bring non-OPEC giant Russia to participate has so far also failed.

(Reporting by Henning Gloystein; Editing by Richard Pullin)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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Oil prices dip over scepticism ahead of OPEC meeting

By Henning Gloystein

(Reuters) - prices fell early on Tuesday on doubts that producer cartel OPEC will be able to hammer out a meaningful output cut during a meeting on Wednesday to rein in a supply overhang and prop up prices.

International Brent crude futures were trading at $48.10 per barrel at 0102 GMT, down 14 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate crude futures were down 19 cents, or 0.4 percent, at $46.89 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) is meeting officially in Vienna on Wednesday to discuss a planned production cut in an effort to curb overproduction that has dogged markets and more than halved prices since 2014.

With a high degree of uncertainty going into the last 24 hours before the meeting, price volatility is expected to be high.

"We expect intra-day volatility to ratchet higher again into tomorrow, with price action being entirely headline driven," said Jeffrey Halley, senior market analyst at OANDA brokerage in

There remains disagreement among OPEC-members over which producers should cut by how much, and a plan to bring non-OPEC giant Russia to participate has so far also failed.

(Reporting by Henning Gloystein; Editing by Richard Pullin)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22