West Texas Intermediate fluctuated after rising the most in almost two months as investors weighed the likelihood that OPEC producers will cut production when the group meets this month. Brent was steady in London.
Futures were little changed in New York and London as members of the Organization of Petroleum Exporting Countries step up diplomacy before their Nov. 27 meeting. Iranian oil minister Bijan Namdar Zanganeh is preparing to visit the United Arab Emirates this week, Shana, the Tehran-based ministrys news service, said on its website yesterday. Prices could slide further in the coming months as the market enters a period of weaker demand, the International Energy Agency said Nov. 14.
Oil has declined about 30 percent from a June peak as leading OPEC members resisted calls to cut output and instead reduced some export prices while U.S. production climbed to the highest level in more than three decades. Venezuela, Libya and Ecuador have asked for action to support crude as the 12-member group prepares to meet in Vienna.
WTI for December delivery lost 4 cents to $75.78 a barrel in electronic trading on the New York Mercantile Exchange at 12:40 p.m. Sydney time. The contract gained $1.61 to $75.82 on Nov. 14, the most since Sept. 16. The volume of all futures traded was about 73 percent above the 100-day average. Prices dropped 3.6 percent last week and are 23 percent lower this year.
Source : Bloomberg