Profile image
Story Views

Last Hour:
Last 24 Hours:

MTECHTIPS:-NYMEX crude weaker in Asia as all eyes on OPEC Vienna talks

Tuesday, November 29, 2016 0:21
% of readers think this story is Fact. Add your two cents.

MTECHTIPS:-NYMEX crude weaker in Asia as all eyes on OPEC Vienna talks




MTECHTIPS-Crude prices drifted lower in Asia on Tuesday as wrangling by OPEC members over the details of a proposed output curb continues. U.S. crude oil fell 0.38% to $46.90 a barrel on the New York Mercantile Exchange. Global benchmark Brent futures were last quoted at $49.01 a barrel. Late on Monday experts from OPEC nations failed to reach a compromise on the details to curb output by country, Reuters said, setting up a bleak outlook for a final deal when a full meeting starts on Nov. 30. As well, Algerian and Venezuelan oil ministers traveled to Moscow on Monday in a final attempt to persuade Russia to take part in cuts instead of merely freezing output. Later Tuesday, the American Petroleum Institute will release its estimates of U.S. crude and refined product inventories at the end of last week. The figures are followed on Wednesday by more closely-watched official data from the U.S. Department of Energy. Overnight, oil prices jumped in choppy trade on Monday after Iraq’s oil minister said he was “optimistic” that Wednesday’s crunch OPEC meeting will yield an agreement on output cuts. Prices jumped after Iraqi oil minister Jabar Ali al-Luaibi said Monday he is “optimistic” that OPEC will reach an agreement that is acceptable to all this week. The Organization of the Petroleum Exporting Countries 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 oil prices halve in two years.





We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global


Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.