Oil declined for a second day as Venezuela proposed an OPEC summit to stabilize prices amid a global glut.
Futures
slid as much as 1.9 percent in New York. Producers from outside of the
Organization of Petroleum Exporting Countries including Russia will be
invited to the meeting, Venezuelan President Nicolas Maduro told
state-owned broadcaster Telesur. Cutting output for a short-term price
gain isn’t the cure for the “sickness” affecting global markets, Russian
Energy Minister Alexander Novak said Friday.
Oil
has slumped more than 25 percent from this year’s closing peak in June
on signs the global glut that drove prices to a six-year low will
persist. Leading members of OPEC are sustaining output and U.S. crude
stockpiles remain almost 100 million barrels above the five-year
seasonal average.
West
Texas Intermediate for October delivery dropped as much as 87 cents to
$45.18 a barrel on the New York Mercantile Exchange and was at $45.22 at
10:44 a.m. Sydney time. The contract slid 70 cents to $46.05 on Friday.
The volume of all futures traded was about 26 percent below the 100-day
average. Prices have decreased 15 percent this year.
All electronic transactions Monday will be booked with Tuesday’s for settlement purposes because of the Labor Day holiday.
Brent
for October settlement lost as much as 83 cents, or 1.7 percent, to
$48.78 a barrel on the London-based ICE Futures Europe exchange. The
European benchmark crude traded at a premium of $3.64 to WTI.
Source: Bloomberg
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