Oil extended its
decline as Venezuela predicted prices may drop as low as the mid-$20s a
barrel unless the Organization of Petroleum Exporting Countries takes
action to stabilize the market.
January futures fell
as much as 1.1 percent in New York after front-month prices slid 0.9
percent last week. Saudi Arabia and Qatar are considering Venezuela’s
proposal for an equilibrium price of $88 a barrel, Venezuelan Oil
Minister Eulogio Del Pino told reporters Sunday in Tehran. OPEC should
make room for increased Iranian crude production within its ceiling of
30 million barrels a day, the nation’s Oil Minister Bijan Namdar
Zanganeh said.
Oil has slumped about
45 percent the past year amid speculation a global glut with persist as
OPEC continues to pump above its collective quota. The 12-member group
meets Dec. 4 in Vienna to discuss the production ceiling as Iran signals
its intention to boost output by 1 million barrels a day within five to
six months of economic sanctions being removed.
West Texas
Intermediate for January delivery dropped as much as 47 cents to $41.43 a
barrel on the New York Mercantile Exchange and was at $41.59 at 8:41
a.m. Hong Kong time. The December contract expired Friday after
declining 0.4 percent to close at $40.39, the lowest settlement since
Aug. 26. The volume of all futures traded was about 43 percent above the
100-day average.
Brent for January
settlement was 10 cents lower at $44.56 a barrel on the London-based ICE
Futures Europe exchange. The contract rose 48 cents to $44.66 Friday.
The European benchmark crude traded at a premium of $3 to WTI.
Source: Bloomberg
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