Oil traded near a
five-year low as Russia reiterated that it will keep crude output steady
next year, mirroring OPECs strategy to refrain from curbing supply to
tackle a global glut.
Futures fell as much
as 1.4 percent in New York after sliding below $55 a barrel yesterday
for the first time since May 2009. Production from Russia, the worlds
largest crude producer, will be similar to this years 10.6 million
barrels a day, Energy Minister Alexander Novak said. Iran is said to be
offering supplies to Asia at the deepest discount in 14 years, taking a
cue from Saudi Arabia in reducing price differentials.
Oil has slumped 45
percent this year as a surge in shale drilling lifted U.S. output to a
three-decade high amid slowing global demand growth. Leading members of
the Organization of Petroleum Exporting Countries such as Saudi Arabia
have resisted calls from smaller producers including Venezuela and
Ecuador to cut output quotas to stem the price rout.
West Texas
Intermediate for January delivery dropped as much as 76 cents to $55.17 a
barrel in electronic trading on the New York Mercantile Exchange and
was at $55.37 at 8:45 a.m. Singapore time. The contract gained 2 cents
to $55.93 yesterday. Total volume was about 59 percent below the 100-day
average. Prices are set for the biggest annual loss since 2008.
Brent for January
settlement expired yesterday after declining $1.20, or 2 percent, to
$59.86 a barrel on the London-based ICE Futures Europe exchange. The
European benchmark crude ended the session at a premium of $3.93 to WTI.
Source : Bloomberg
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