Oil prices fall further

AFP, SINGAPORE: Oil prices extended their losses yesterday as disappointment over the failure of talks to freeze output outweighed the possible impact of a strike by oil workers in key producer Kuwait.
Prices had plunged early Monday soon after news that the long-awaited meeting of major producers in Doha had collapsed, fanning worries about a persistent global oversupply.
However, the losses were pared through the day on news that thousands of workers in the Kuwaiti oil sector had started industrial action over planned wage cuts.
After a brief rally early Tuesday, US benchmark West Texas Intermediate for May delivery was down 18 cents at $39.60 a barrel at around 0400 GMT, while Brent crude for June fell 27 cents to $42.64.
"It appears that this (Kuwait strike) may be resolved pretty quickly and so the overall interruption would not be large," CMC Markets analyst Michael McCartney told AFP from Sydney.

Oil prices fall further

AFP, SINGAPORE: Oil prices extended their losses yesterday as disappointment over the failure of talks to freeze output outweighed the possible impact of a strike by oil workers in key producer Kuwait. Prices had plunged early Monday soon after news that the long-awaited meeting of major producers in Doha had collapsed, fanning worries about a persistent global oversupply. However, the losses were pared through the day on news that thousands of workers in the Kuwaiti oil sector had started industrial action over planned wage cuts. After a brief rally early Tuesday, US benchmark West Texas Intermediate for May delivery was down 18 cents at $39.60 a barrel at around 0400 GMT, while Brent crude for June fell 27 cents to $42.64. It appears that this (Kuwait strike) may be resolved pretty quickly and so the overall interruption would not be large, CMC Markets analyst Michael McCartney told AFP from Sydney.