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MTECHTIPS:-Oil prices dip on skepticism ahead of OPEC meeting

Tuesday, November 29, 2016 1:17

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MTECHTIPS:-Oil prices dip on skepticism ahead of OPEC meeting

MTECHTIPS- Oil prices dipped on Tuesday on doubts that producer cartel OPEC will be able to hammer out a meaningful output cut during a meeting on Wednesday aimed at reining in a global supply overhang and propping up prices. International Brent crude oil futures (LCOc1) were trading at $47.99 per barrel at 0305 GMT, down 25 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate crude futures (CLc1) were down 23 cents, or 0.5 percent, at $46.85 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, oil price volatility is expected to be high. “I still think they need to do a deal even though my confidence has dropped back to coin toss levels,” said Greg McKenzie, chief market strategist at Australian brokerage AxiTrader. Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore said he expected “intra-day volatility to ratchet higher again into tomorrow, with price action being entirely headline driven.”

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