AFP, Singapore :
Oil prices slipped in Asia Monday but losses were limited by speculation that the OPEC cartel would be forced to cut output to prevent further big losses, analysts said.
US benchmark West Texas Intermediate for December delivery fell 25 cents to $75.57 while Brent crude for January was down 31 cents at $79.10 in mid-morning trade.
Crude was supported by “speculation that OPEC will put a floor on prices by curbing output now that Brent is trading persistently below $80”, said Desmond Chua, market analyst at CMC Markets in Singapore.
Singapore’s United Overseas Bank (UOB) said expectations are for the recent price plunge to “force OPEC to cut production”. Prices sank to four-year lows last week following remarks by ministers from the Organization of the Petroleum Exporting Countries (OPEC) that it is unlikely to slash output.
Oil prices slipped in Asia Monday but losses were limited by speculation that the OPEC cartel would be forced to cut output to prevent further big losses, analysts said.
US benchmark West Texas Intermediate for December delivery fell 25 cents to $75.57 while Brent crude for January was down 31 cents at $79.10 in mid-morning trade.
Crude was supported by “speculation that OPEC will put a floor on prices by curbing output now that Brent is trading persistently below $80”, said Desmond Chua, market analyst at CMC Markets in Singapore.
Singapore’s United Overseas Bank (UOB) said expectations are for the recent price plunge to “force OPEC to cut production”. Prices sank to four-year lows last week following remarks by ministers from the Organization of the Petroleum Exporting Countries (OPEC) that it is unlikely to slash output.
