Oil prices edge lower

Dhaka,  Mon,  05 December 2016
Published : 24 Nov 2016, 11:05:25

Oil prices edge lower on uncertainty over production cut

Oil prices edge lower
Oil prices were little changed on Thursday as uncertainty ahead of a planned OPEC-led crude production cut.

International Brent crude oil futures were trading at $48.90 at 0209 GMT, down 5 cents from their last close.

US West Texas Intermediate crude futures were at $47.94 per barrel, down 2 cents from their last settlement.

Traders said market activity was low due to the US holiday, and there was a reluctance to take on big price directional bets due to uncertainty about a planned oil production cut.

OPEC is due to meet on Nov 30 to coordinate a cut, potentially together with non-OPEC member Russia, but there is also disagreement within the producer cartel as to which member states should cut and by how much.

Beyond OPEC, traders said the strong US-dollar, which is at levels last seen in 2003 against a basket of other leading currencies, was influencing oil prices.

A strong dollar, in which oil is traded, makes fuel purchases more expensive for countries using other currencies at home, potentially crimping demand, according to a news agency report.

-SRS-
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