Oil prices fell on Tuesday 29 on
market jump over producer cartel OPEC will be able to hammer out a meaningful
output cut during a meeting
Brent crude futures were trading at $47.80 per barrel at 0546 GMT, down 44 cents, or 0.9 %, from their final close.
US West Texas in-between crude futures were downward 42 cents, or 0.9 %, at $46.66 a barrel.
The Organization of the Petroleum Exporting Countries is conference officially in Vienna on Wednesday to discuss a planned production cut in a try to reduce over making that has persistent markets and more than halved prices since 2014.
With a high amount of indecision going into the last 24 hours before the meeting, traders said there was a high chance of sudden price swings based on news headlines coming out of Vienna.
"I still think they need to do a contract even though my self-confidence has dropped back to coin toss levels.
Intense discussions
would be desired on Wed cement a deal, Goldman Sachs tells in a note to customers.
"The most recent headline suggest that while there is a broad agreement on the rationale for a cut, political considerations and countryside level quota negotiations are so far preventing a deal from being reached.
There remains disagreement among OPEC members over which producers should cut by how much, and a plan for non-OPEC oil giant Russia to participate has so far also failed.
If Organization of the Petroleum Exporting Countries agreed a production cut to 32.5 million barrels per day (bpd), downward from 33.82 million bpd in October,
However, the "price risk is likely slanted to the advantage heading into Wed," it added, saying a move to below $40 per barrel would be difficult to sustain.
On the demand side, South Korea's crude imports rose 3.9 % in the 3rd quarter of 2016 from a year earlier, as oil consumption climbed thanks to low oil prices.
"The most recent headline suggest that while there is a broad agreement on the rationale for a cut, political considerations and countryside level quota negotiations are so far preventing a deal from being reached.
There remains disagreement among OPEC members over which producers should cut by how much, and a plan for non-OPEC oil giant Russia to participate has so far also failed.
If Organization of the Petroleum Exporting Countries agreed a production cut to 32.5 million barrels per day (bpd), downward from 33.82 million bpd in October,
However, the "price risk is likely slanted to the advantage heading into Wed," it added, saying a move to below $40 per barrel would be difficult to sustain.
On the demand side, South Korea's crude imports rose 3.9 % in the 3rd quarter of 2016 from a year earlier, as oil consumption climbed thanks to low oil prices.
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