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MTECHTIPS:-NYMEX crude quoted sharply weaker in Asia as API estimates, OPEC weigh

Wednesday, November 30, 2016 1:14
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MTECHTIPS:-NYMEX crude quoted sharply weaker in Asia as API estimates, OPEC weigh

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MTECHTIPS-Crude oil prices were last quoted sharply weaker heading into the Asian trading session on Wednesday as mixed industry inventory data from the U.S. and questions on OPEC’s production plans weighed. U.S. crude oil on the New York Mercantile Exchange were last quoted at $45.25 a barrel, down 3.89%. Prices were weighed Tuesday by conflicting media comments that call into question OPEC’s ability to come to agreement about a cut in production. OPEC members will meet Wednesday in Vienna, Austria. The American Petroleum Institute late Tuesday said crude oil inventories fell 720,000 barrels last week, 120,000 barrels more than expected and which followed a draw of 1.28 million barrels the previous week. Overnight, oil prices fell more than 3% on Tuesday, extending early losses amid growing doubts that the Organization of the Petroleum Exporting Countries will be able to reach an agreement on a deal to curb output. Global benchmark Brent futures fell sharply and last quoted down nearly 4% to levels around $47.35 a barrel. OPEC is attempting to get its 14 member states, along with non-OPEC member Russia, to implement coordinated production cuts aimed at reducing a global supply glut that has seen prices more than halve since 2014. Oil came under renewed selling pressure after Indonesia’s energy minister said Tuesday he’s “not optimistic” that OPEC will agree on a deal to rein in oversupply

 

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