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Oil Holds Losses as OPEC+ Fails to Agree on Size of Output Curbs
Thursday, 6 December 2018 08:52 WIB | ENERGY |MinyakWTIBrentOil,

Oil held losses below $53 a barrel as OPEC and its allies fell short of agreeing on details of production cuts.

Futures in New York were little changed after retreating 0.7 percent on Wednesday. While Saudi Arabia, Russia and other major producers recommended an output cut, they failed to agree on how big the reduction should be. U.S. President Donald Trump renewed his call for OPEC not to curb supplies as ministers from the group are set to meet on Thursday to seek consensus on the size and distribution of production limits.

West Texas Intermediate for January delivery dropped as much as 39 cents to $52.50 a barrel on the New York Mercantile Exchange, and traded at $52.62 at 10:26 a.m. in Tokyo. The contract fell 36 cents to $52.89 on Wednesday. Total volume traded was 47 percent above the 100-day average.

Brent for February settlement fell 8 cents to $61.48 on London™s ICE Futures Europe exchange after falling 0.8 percent on Wednesday. The global benchmark crude traded at an $8.60 premium to WTI for the same month.

Source: Bloomberg

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