West
Texas Intermediate crude fell, trimming the biggest rally since August
2012 as investors weighed OPECs decision to let the market curb a global
supply glut. Brent was steady in London.
Futures
slid 0.3 percent in New York, declining for the fifth time in six days.
The Organization of Petroleum Exporting Countries may hold an emergency
meeting early next year, Venezuelas Foreign Minister Rafael Ramirez
said in an interview with Panorama newspaper. The groups failure to cut
output at a gathering last week bodes well for U.S. producers, according
to billionaire wildcatter Harold Hamm.
Oil
has collapsed into a bear market amid the fastest rate of U.S.
production in more than three decades and signs of slowing global demand
growth. OPEC, which is responsible for about 40 percent of the worlds
supply, resisted calls from members including Venezuela and Iran to
reduce its official target of 30 million barrels a day on Nov. 27 in
Vienna.
WTI
for January delivery dropped 20 cents to $68.80 a barrel in electronic
trading on the New York Mercantile Exchange at 12:15 p.m. Sydney time.
The contract rose 4.3 percent to $69 yesterday, retracing a loss of as
much as 3.7 percent. The volume of all futures traded was about 9
percent below the 100-day average. Prices have decreased 30 percent this
year.
Brent
for January settlement was 5 cents lower at $72.49 a barrel on the
London-based ICE Futures Europe exchange. The European benchmark crude
traded at a premium of $3.65 to WTI, compared with $3.54 yesterday.
Source: Bloomberg
0 komentar :
Post a Comment