Oil prices little changed ahead of OPEC meet
Wednesday, 23 December 2009
SINGAPORE, Dec 22 (Commodity Online): World oil prices remained below $74 a barrel in Asian trade Tuesday just ahead of a crucial OPEC meet.
Light sweet crude for February delivery was seen trading at $73.68 a barrel at 11.00 a.m Singapore time while January contract, which expired Monday fell 89 cents, or 1.2 per cent, to $72.47 a barrel.
Brent crude oil for February settlement traded at $72.80 a barrel, down 19 cents, on the London-based ICE Futures Europe exchange at the same time.
Analysts said markets are waiting for Organization of Petroleum Exporting Countries meet in Angola, where the group is expected to maintain production targets.
Prices have gained about 65 per cent this year as OPEC's pledge in 2008 to shave 4.2 million barrels a day of output took effect. The 12-member group left targets unchanged for a third time when it last gathered in September.
On Monday, oil dropped 1.2 per cent after the dollar strengthened against the euro, reducing investor appetite for commodities as a hedge against inflation.
January contracts fell 89 cents to settle at $72.47 per barrel the final day of trading on the New York Mercantile Exchange.
Crude for February delivery fell 70 cents to settle at $73.72 a barrel while Brent crude lost 76 cents, or 1 per cent, to settle at $72.99 a barrel.
The dollar traded near the strongest level in more than three months against the euro. The US currency was at $1.4287 per euro in early Asian trade from $1.4275 in New York Monday.
Light sweet crude for February delivery was seen trading at $73.68 a barrel at 11.00 a.m Singapore time while January contract, which expired Monday fell 89 cents, or 1.2 per cent, to $72.47 a barrel.
Brent crude oil for February settlement traded at $72.80 a barrel, down 19 cents, on the London-based ICE Futures Europe exchange at the same time.
Analysts said markets are waiting for Organization of Petroleum Exporting Countries meet in Angola, where the group is expected to maintain production targets.
Prices have gained about 65 per cent this year as OPEC's pledge in 2008 to shave 4.2 million barrels a day of output took effect. The 12-member group left targets unchanged for a third time when it last gathered in September.
On Monday, oil dropped 1.2 per cent after the dollar strengthened against the euro, reducing investor appetite for commodities as a hedge against inflation.
January contracts fell 89 cents to settle at $72.47 per barrel the final day of trading on the New York Mercantile Exchange.
Crude for February delivery fell 70 cents to settle at $73.72 a barrel while Brent crude lost 76 cents, or 1 per cent, to settle at $72.99 a barrel.
The dollar traded near the strongest level in more than three months against the euro. The US currency was at $1.4287 per euro in early Asian trade from $1.4275 in New York Monday.