Oil prices down ahead of pro­duc­ers’ meet­ing

The Sun (Malaysia) - - SUNBIZ -

SIN­GA­PORE: Oil prices eased in Asia yes­ter­day with an­a­lysts ex­pect­ing volatil­ity in the run-up to a pro­duc­ers’ meet­ing next week, while traders are also await­ing the re­lease of US stock­piles data.

The com­mod­ity plunged last week on sup­ply glut wor­ries but bounced slightly Mon­day af­ter Or­gan­i­sa­tion of the Petroleum Ex­port­ing Coun­tries (Opec) mem­ber Venezuela said a deal to limit out­put was close. Un­rest in key pro­duc­ers Libya and Nige­ria also raised the prospect their ex­ports would be hit.

Venezue­lan Pres­i­dent Ni­cholas Maduro said Sun­day that par­tic­i­pants in pro­ducer talks by the 14-na­tion Opec car­tel and Rus­sia in Al­ge­ria from Sept 26-28 are work­ing on a deal.

At around 0650 GMT, US bench­mark West Texas In­ter­me­di­ate was down 19 cents to US$43.11 (RM178) and Brent dipped 16 cents to US$45.79. – AFP

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