Oil prices down ahead of producers’ meeting
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