You are here: Home » Reuters » News
Business Standard

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 Singapore.

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.)

RECOMMENDED FOR YOU

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 Singapore.

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

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 Singapore.

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

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard