Oil extended losses near $51 a barrel after OPEC entered a second day of talks in an attempt to draw up a deal to cut output.
New York futures slipped as much as 1.7 percent, falling for a third session. Saudi Energy Minister Khalid Al-Falih said Thursday in Vienna that he isn’t confident of an agreement when the Organization of Petroleum Exporting Countries meets again with its allies on Friday. OPEC is discussing a proposalthat would see the group reduce output by 650,000 barrels a day, with a further 350,000 barrel a day contribution from its allies, including Russia, delegates said.
West Texas Intermediate for January delivery dropped as much as 89 cents to $50.60 a barrel on the New York Mercantile Exchange, and was at $51.30 at 10:37 a.m. in London. Prices fell 2.7 percent to $51.49 on Thursday. Total volume traded was around 60 percent above the 100-day average.
Brent for February settlement lost 80 cents to $58.71 a barrel on London’s ICE Futures Europe exchange after falling 2.4 percent on Thursday. The global benchmark crude traded at an $8.58 premium to WTI for the same month.
Source : Bloomberg