OIL

BRENT and West Texas intermediate (WTI) crudes were little changed before today’s Opec meeting where ministers will discuss how to respond to a supply glut behind a five-month slide in prices.

Brent for January delivery slipped 5 cents to $78.28 a barrel (R5.40 a litre) on the London-based ICE Futures Europe exchange in the afternoon. The European benchmark crude traded at a $4.15 premium to WTI, fell 3c to $74.06 at 11.32am on the New York Mercantile Exchange.

Saudi Oil Minister Ali al-Naimi said tumbling crude prices would stabilise on their own. Saudi Arabia, the largest oil exporter, didn’t agree with Russia, Venezuela and Mexico to curb output at a meeting on Tuesday.

“There’s no clarity about what they will decide to do,” Adam Wise at John Hancock in Boston said. “There’s been commentary from both sides with a softer tone coming from the Saudis, who are by far the most important nation in Opec.” – Bloomberg