Oil
declined for a second day on speculation that OPEC will fail to
stabilize prices amid a global oversupply and concern that Chinese
demand growth will weaken.
Futures
lost as much as 2 percent in New York as the Shanghai Composite Index
declined. Russia cannot become a member of the Organization of Petroleum
Exporting Countries and may take on “observer status,” OAO Rosneft
Chief Executive Officer Igor Sechin said at a conference in Singapore.
Prices below $50 a barrel don’t sustain investment, Venezuelan President
Nicolas Maduro told state-owned broadcaster Telesur, proposing a summit
to address the slump.
Oil
has fluctuated the past three weeks as concerns over slowing demand in
China fueled volatility in global markets. Prices are down more than 25
percent from this year’s closing peak in June on signs the surplus will
persist. OPEC members 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 90 cents to
$45.15 a barrel on the New York Mercantile Exchange and was at $45.43 at
1:06 p.m. London time. The contract slid 70 cents to $46.05 on Friday.
The volume of all futures traded was about 13 percent below the 100-day
average. Prices have decreased 15 percent this year.
Source : Bloomberg
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