You are here: Home » News-IANS » Business-Economy
Business Standard

Oil prices slide as Trump urges OPEC not to cut supply

IANS  |  New York 

prices have extended losses as US once again tried to dampen OPEC's efforts to tackle falling prices amid market expectations on further output cut.

"Hopefully will be keeping flows as is, not restricted. The World does not want to see, or need, higher oil prices!" Trump said on on Wednesday, reported.

The Intermediate for January delivery decreased $0.36 to settle at $52.89 a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased $0.52 to close at $61.56 dollars a barrel on the ICE Futures Exchange.

The remarks came just a day prior to OPEC's meeting in Vienna, piling pressure on the Saudi-led cartel, and other non-member nations over

has shown willingness to cooperate with to cut Russia's said it's ready to cut production if the upcoming meeting results in a deal to prop up prices, the company's told reporters, according to news agency.

Yet he said such a reduction could be done "only gradually," due to the adverse weather conditions in Western Siberia. "The reduction should be smooth, just like last year," Alekperov was quoted as saying.



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

First Published: Thu, December 06 2018. 06:18 IST