Global oil prices continued their southern journey
on reports that Organisation of the Petroleum Exporting Countries (Opec) cartel
is unlikely to agree on any cuts at a key output meeting this week.
On Tuesday in Asian trade, US benchmark West Texas
Intermediate for January delivery was down three cents at $75.75 while Brent
crude for January fell 9c to $79.59 in mid-morning trade.
Opec will hold one of its toughest and most
significant meetings in recent years on Thursday, with members under pressure
to address falling prices, which have sunk 30 percent since June.
Opec's poorer members, led by Venezuela and Ecuador,
have called publicly for a cut in output, while Iran has also hinted at the
need for a reduction.
But the cartel's Gulf members, led by kingpin Saudi Arabia, are rejecting such calls unless they are guaranteed market share in the highly competitive arena, according to analysts.
But the cartel's Gulf members, led by kingpin Saudi Arabia, are rejecting such calls unless they are guaranteed market share in the highly competitive arena, according to analysts.
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