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Brent crude drops to $79.20 as expectation of big OPEC cut wanes SINGAPORE: Brent crude oil prices fell towards $79.20 on Tuesday as traders lowered their expectation of a significant output cut by OPEC, but the market received some support from an uptick in German GDP and hopes of strengthening US data later in the day. Oil ministers from the Organization of Petroleum Exporting Countries (OPEC) meet on Thursday in Vienna and some are imploring the group to cut 1 million barrels per day or more to support prices that have fallen about 30 percent since June on the back of rising supply being met by cooling demand. But analysts said they were doubtful whether such a cut would be agreed. "Investors appear to have lowered the probability of a production cut at this week's OPEC summit," ANZ bank said, although traders said prices received slight support from economic figures.A sharp rise in German private consumption more than compensated for stubborn weakness ...
Oil prices mixed as hopes dim for OPEC output cut SINGAPORE: Oil prices were mixed in Asia Tuesday as dealers bet that the OPEC cartel is unlikely to agree on any cuts at a key output meeting this week, analysts said.US benchmark West Texas Intermediate for January delivery rose nine cents at $75.87 while Brent crude for January fell eight cents to $79.60 in afternoon trade.Oil investors are "speculating that OPEC will not be able to agree to any cut or even commitment to rein ...
Asia-Pacific Crude: Steady; winter demand may support SINGAPORE: The Asia-Pacific crude market held steady on Monday with both buyers and sellers reluctant to show their hands amid expectations winter demand may boost differentials for January-cargoes. Malaysian grades were slow to move, traders said, with Petronas yet to issue a tender for its Labuan grade. "It's a buyers' market. They're not in a hurry to move," one trader said. Woodside sold a cargo of Vincent crude loading in January, a trader said, although ...
Oil prices lower as hopes dim for OPEC output cut SINGAPORE: Oil prices edged lower in Asia Tuesday as dealers bet that the OPEC cartel is unlikely to agree on any cuts at a key output meeting this week, analysts said. US benchmark West Texas Intermediate for January delivery was down three cents at $75.75 while Brent crude for January fell nine cents to $79.59 in mid-morning trade. Oil investors are "speculating that OPEC will not be able to agree to any cut or even ...
China corruption watchdog launches inspections, eyes Sinopec BEIJING: China's corruption watchdog has launched a series of inspections into state-owned enterprises and government bodies including China Petrochemical Corp (Sinopec Group), Asia's largest oil refiner, state media said on Monday. The inspectors, part of China's Central Commission for Discipline Inspection (CCDI), will focus on senior figures within Sinopec who may be promoted to leadership roles. The official Xinhua news agency said the inspection would be complete within one month. Sinopec Group is the parent ...