Oil prices dip on doubts OPEC can coordinate output cut | Reuters

By Henning Gloystein | SINGAPORE SINGAPORE Oil prices dipped early on Friday, weighed down by lingering doubts over whether OPEC can coordinate a crude production cut big enough to rein in oversupply that has dogged markets for two years.International Brent crude oil futures LCOc1 were trading at $50.39 per barrel at 0033 GMT, down 8 cents from their last close.U.S.

Reuters October 28, 2016 07:00:07 IST
Oil prices dip on doubts OPEC can coordinate output cut
| Reuters

Oil prices dip on doubts OPEC can coordinate output cut
 Reuters

By Henning Gloystein
| SINGAPORE

SINGAPORE Oil prices dipped early on Friday, weighed down by lingering doubts over whether OPEC can coordinate a crude production cut big enough to rein in oversupply that has dogged markets for two years.International Brent crude oil futures LCOc1 were trading at $50.39 per barrel at 0033 GMT, down 8 cents from their last close.U.S. West Texas Intermediate (WTI) crude was down 5 cents at $49.67 a barrel.

Traders said there were significant doubts that the Organization of the Petroleum Exporting Countries (OPEC) would be able to rally its members and non-OPEC producers, especially Russia, around a significant cut in output.

"With both Iraq and Iran saying they won't be part of the cuts for various reasons, and Russia talking freezes not production cuts, the onus will fall on Saudi Arabia to pull any deal together," said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore."OPEC's Nov. 30 meeting suddenly seems like a long way away with seemingly half of the group wanting exemptions now," he added.

(Reporting by Henning Gloystein; Editing by Joseph Radford)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

also read

Russia says its warship prevented US destroyer entering its waters; Washington denies claim
World

Russia says its warship prevented US destroyer entering its waters; Washington denies claim

US military said that the statement from the Russian Defense Ministry about "the interaction between our two Navy ships is false."

'Idea of wall is an illusion': Top cybersecurity expert on China's digital army and battleground of future
India

'Idea of wall is an illusion': Top cybersecurity expert on China's digital army and battleground of future

CNN-News18's Shreya Dhoundial speaks to top cybersecurity expert and Recorded Future CEO Christopher Ahlberg on China's digital army and what India needs to watch out for

Russia, China, Iran agree to work with Taliban for 'regional stability', call for moderate policies in Afghanistan
World

Russia, China, Iran agree to work with Taliban for 'regional stability', call for moderate policies in Afghanistan

Moscow hosted the Taliban for talks in the Russian capital, seeking to assert its influence in the region and push for action against Islamic State fighters, which it says have massed in perennially volatile Afghanistan