Oil prices mixed ahead of OPEC meeting

SINGAPORE, Nov 26 (AFP):  Oil prices were mixed in Asia Wednesday as speculation swirls that the OPEC oil cartel will maintain output at this week's closely watched meeting despite a global supply glut.

US benchmark West Texas Intermediate (WTI) for January delivery fell two cents to $74.07 while Brent crude for January rose nine cents to $78.42 in afternoon trade.

WTI dived $1.69 Tuesday while Brent closed down $1.35.

Crude prices have sunk 30 per cent to four-year lows since June on the back of plentiful supplies, a strong dollar and worries about stalling energy demand in a weak global economy.

"At the moment, the outcome of the OPEC meeting on Thursday is very much trumping all other factors," Daniel Ang, investment analyst at Phillip Futures in Singapore, told AFP.

"Prices have come under pressure after the meeting between some OPEC members and Russia saw no real concrete measures announced regarding production cuts," Ang said.

Members of the Organization of Petroleum Exporting Countries and non-member producers including Russia held talks Tuesday ahead of the cartel's key output meeting on Thursday.

After the meeting, Venezuelan Foreign Minister Rafael Ramirez said all parties agreed that the current price of crude "is not good".

"We discussed the situation on the market, we shared our points of view and we agreed to keep in contact, and we will meet again in three months," he added.

Separately, Russian oil giant Rosneft said it had trimmed output by 25,000 barrels partly in response to sliding prices.