Oil stays below $40

AFP, SINGAPORE: Oil stayed below $40 a barrel in Asia yesterday after the OPEC cartel decided against slashing high output levels and traders turned their attention on a US central bank meeting next week.
US benchmark West Texas Intermediate for delivery in January was down 33 cents at $39.64 and Brent crude for January was trading 22 cents lower at $42.78 a barrel at around 0655 GMT.
At a meeting in Vienna on Friday, the Organization of the Petroleum Exporting Countries decided against cutting output to raise prices.
OPEC, whose members together pump out more than one third of world oil, is currently producing above its official target of 30 million barrels per day despite a global crude supply glut that has battered prices for more than a year. "Crude oil prices were no doubt compressed by the lack of an agreement at the OPEC, signalling that the supply glut will persist longer," said Bernard Aw, market strategist at IG Markets in Singapore.

Oil stays below $40

AFP, SINGAPORE: Oil stayed below $40 a barrel in Asia yesterday after the OPEC cartel decided against slashing high output levels and traders turned their attention on a US central bank meeting next week. US benchmark West Texas Intermediate for delivery in January was down 33 cents at $39.64 and Brent crude for January was trading 22 cents lower at $42.78 a barrel at around 0655 GMT. At a meeting in Vienna on Friday, the Organization of the Petroleum Exporting Countries decided against cutting output to raise prices. OPEC, whose members together pump out more than one third of world oil, is currently producing above its official target of 30 million barrels per day despite a global crude supply glut that has battered prices for more than a year. Crude oil prices were no doubt compressed by the lack of an agreement at the OPEC, signalling that the supply glut will persist longer, said Bernard Aw, market strategist at IG Markets in Singapore.