Global oil prices remained below $78 a
barrel after major producer Kuwait downplayed prospects for an OPEC output cut
in the face of abundant global supplies.
US benchmark West Texas Intermediate for
December dived $1.25, or 1.6 per cent, to close at $77.40 a barrel on the New
York Mercantile Exchange. Brent North Sea crude for delivery in December closed
in London at $82.34 a barrel, lowest price since October 2010, down $1.05 from
Friday.
The Kuwaiti oil minister, Ali al-Omair,
said earlier that OPEC was unlikely to cut crude output when it meets in Vienna
on November 27 amid hopes the market will absorb surplus supplies.
Saudi Arabia, the biggest oil producer
has also indicated it does not want to go it alone with a production cut, and
it has been adjusting its official selling price to maintain market share,
particularly in Asia.
Meanwhile, U.S. oil production continues to grow, and has been averaging above 8.9 million barrels a day for the past month, close to the just more than 9 million barrels a day produced by Saudi Arabia.
Meanwhile, U.S. oil production continues to grow, and has been averaging above 8.9 million barrels a day for the past month, close to the just more than 9 million barrels a day produced by Saudi Arabia.
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