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Oil prices ease in cautious trading ahead of OPEC meeting

Reuters  |  SINGAPORE 

By Gloystein

SINGAPORE (Reuters) - Oil prices dipped on Thursday in tepid trading ahead of a meeting by group that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.

U.S. Intermediate (WTI) crude futures were at $52.57 per barrel at 0109 GMT, down 32 cents, or 0.6 percent, from their last close.

International Brent futures were down 17 cents, or 0.3 percent, at $61.39 per barrel.

Since early October, has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand.

The (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy.

Led by Saudi Arabia, OPEC's production has risen by 4.1 percent since mid-2018, to 33.31 million barrels per day (bpd).

Russia, a major oil but not a member of OPEC, will meet with the cartel on Friday to discuss production levels, and it is widely expected that a supply cut will be agreed.

"Markets...believe the production cut deal will be in range of 1-1.3 million bpd," said on Thursday.

(Reporting by Gloystein; Editing by Kenneth Maxwell)

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

First Published: Thu, December 06 2018. 06:49 IST
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