OIL

The Star Early Edition - - MARKETS -

BRENT and West Texas in­ter­me­di­ate (WTI) were lit­tle changed yes­ter­day as in­vestors weighed the odds of a pro­duc­tion cut from Opec this week.

Brent for Jan­uary set­tle­ment added 6 cents, or 0.1 per­cent, to $80.42 a bar­rel (R5.56 a litre) at 10.41am on the Lon­don­based ICE Fu­tures Europe ex­change. Fu­tures closed at $80.36 on Novem­ber 21, the high­est since Novem­ber 12.

WTI for Jan­uary de­liv­ery rose 24c, or 0.3 per­cent, to $76.75 bar­rel on the New York Mer­can­tile Ex­change.

Iran may pro­pose that Opec cut its out­put tar­get by as much as 1 mil­lion bar­rels a day, Mehr News Agency re­ported. Hedge funds have turned less bullish on oil in the ab­sence of any clear sig­nal from Opec that it will act to bol­ster prices.

“Whether they cut is up in the air,” said Paul Crovo, an oil an­a­lyst at PNC Cap­i­tal Ad­vi­sors. “There is ex­pec­ta­tion that Opec does need to cut. That’s the per­cep­tion, and it’s go­ing to drive the mar­ket.” – Bloomberg

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