Oil prices edge down ahead of OPEC, non-OPEC production cuts
Oil prices edged down on Wednesday in quiet early Asian trading as the market waits to see how OPEC and non-OPEC members carry through on planned supply cuts in the new year.
International Brent crude futures were trading down 13 cents, or 0.2 percent, at $55.96 a barrel at 0312 GMT after closing the previous session up 93 cents.
U.S. benchmark West Texas Intermediate crude oil prices were down 7 cents at $53.83 per barrel after settling up 88 cents at $53.90 a barrel in the previous session.
Trading is expected to remain thin this week ahead of the New Year holiday.
The market is taking a wait-and-see approach on the official start of the landmark deal reached by the Organization of the Petroleum Exporting Countries (OPEC) and several non-OPEC members to reduce their output. The deal is set to kick in from Jan. 1.
OPEC and non-OPEC producers are expected to lower production by almost 1.8 million barrels per day (bpd), with Saudi Arabia, OPEC’s largest producer, agreeing to bear the lion’s share of the cuts.
Source and Read More: http://timesofindia.indiatimes.com/business/international-business/oil-prices-edge-down-ahead-of-opec-non-opec-production-cuts/articleshow/56213267.cms
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