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Oil steadies below $79 as market awaits OPEC LONDON: Brent crude oil steadied below $79 a barrel on Wednesday as data showed Saudi Arabia increased crude exports in September despite signs of an oversupplied market and producers appeared divided ahead of an OPEC meeting to discuss output.All eyes are on OPEC's response to a drop in oil prices of nearly one-third in recent months, with some smaller members calling for production cuts at the Nov. 27 meeting in Vienna.OPEC heavyweight Saudi Arabia has so far shown no indication that it will support a reduction in OPEC production.Diplomatic and market sources say Saudi officials said in recent private briefings that the kingdom could live for some time with current, or even lower, price levels.Even seasoned OPEC veterans say they do not know how the cartel will respond to the collapse in oil prices this year."For the first time, I really do not know what is likely to happen at ...
Oil steadies above $79 as OPEC output cut talk heats up LONDON: Brent crude oil steadied on Tuesday, holding above $79 a barrel after hitting a four-year low last week, as speculation intensified that OPEC could cut output at its meeting on Nov. 27 in Vienna.Talk about OPEC's response to a 30-percent drop in global oil prices since late-June intensified this week after calls from Venezuela to increase cooperation within the cartel as well as with non-members, including top producer Russia.A special global meeting is being ...
Brent rebounds towards $80 as OPEC rhetoric heats up LONDON: Brent crude oil reversed early losses to rise back towards $80 a barrel on Tuesday, recovering from last week's four-year low as speculation increased that OPEC could cut output at its meeting on Nov. 27.Talk about OPEC's response to a 30 percent drop in global oil prices since late-June intensified this week after calls from Venezuela to increase cooperation within the cartel as well as with non-members, including top producer Russia.A special global meeting ...
Oil falls below $79 as traders test OPEC's willingness to cut LONDON: Brent crude oil fell below $79 a barrel on Tuesday, dropping for the sixth session in seven as traders tested OPEC's willingness to agree a coordinated output cut at next week's meeting to prop up tumbling prices.Talk about OPEC's response to a 30-percent drop in global oil prices since June intensified this week after Venezuela called for increased cooperation within the cartel, as well as with non-members including top producer Russia.A special global meeting ...
Brent falls near $79 as rhetoric heats up before OPEC meeting LONDON: Brent crude slipped towards $79 a barrel on Tuesday, falling for the sixth session out of seven, as oil prices struggled to find a floor ahead of next week's critical OPEC meeting. Speculation about OPEC's response to a 30 percent drop in global oil prices since late-June intensified after calls from Venezuela to increase cooperation within the cartel as well as with non-members, including top producer Russia.A special global meeting is being planned "very ...