Oil prices rebound slightly

GMT 14:15 2014 Tuesday ,18 November

Arab Today, arab today Oil prices rebound slightly

US benchmark West Texas Intermediate
Washington - AFP

Oil prices recovered slightly on Tuesday as the prospect of OPEC cutting its output dimmed, analysts said.
US benchmark West Texas Intermediate for delivery in December rose 42 cents to $76.06 a barrel.
Brent North Sea crude for January delivery won 28 cents to stand at $79.59 around midday in London.
Consultants Energy Aspects said in a note to clients that there was "an inherent assumption that OPEC will not be able to achieve a production cut at the upcoming meeting".
Dealers are monitoring developments at the Organization of Petroleum Exporting Countries (OPEC) ahead of the cartel's November 27 meeting in Vienna.
Despite a drop of more than 25 percent in prices since June, OPEC has been divided on whether to reduce output and prevent further falls.
Venezuela and Ecuador have called publicly for a cut, while Iran has hinted at a need to reduce output as oil producing countries see their income slide.
However, Saudi Arabia, the world's top producer and OPEC's kingpin, has reduced prices on crude exports to the US market in a move seen by some as an effort to maintain market share as it faces competition from rising shale oil production.
OPEC pumps about a third of global crude and is currently producing just under 31 million barrels per day, around one million more than its ceiling.
"Crude oil prices have been under renewed pressure recently due to weakening oil demand from Asia and ample oil supplies in the US following the ongoing build-up of crude oil inventories," said Sucden brokers analyst Myrto Sokou on Tuesday.


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