OIL

The Star Early Edition - - MARKETS -

BRENT and West Texas in­ter­me­di­ate (WTI) crudes dropped yes­ter­day as in­vestors weighed the pos­si­bil­ity that Opec will agree to cut oil out­put next week.

Brent for Jan­uary set­tle­ment de­clined 0.8 per­cent to $78.64 a bar­rel (R5.44 a litre) on the London-based ICE Fu­tures Europe ex­change. WTI for De­cem­ber de­liv­ery fell 1.1 per­cent to $74.78 at 11.09am on the New York Mer­can­tile Ex­change.

Opec mem­ber Venezuela met with Rus­sia to dis­cuss ways to support oil prices, the For­eign Min­istry in Cara­cas said on Mon­day. The the oil pro­duc­ers’ car­tel, re­spon­si­ble for about 40 per­cent of global sup­ply, will dis­cuss out­put at a meet­ing in Vi­enna next Thurs­day.

Traders are also pon­der­ing the chances that talks over Iran’s nu­clear pro­gramme could re­sult in an agree­ment.

“The mar­ket is di­vided over whether Opec will de­cide to make a cut or not at next week’s meet­ing,” John Kil­duff at Again Cap­i­tal said in New York. – Bloomberg

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