AFP, Singapore :
Oil prices fell in subdued Asian trade Wednesday following sustained speculation about the dim prospects for an OPEC oil production cut in the face of abundant global supplies.
US benchmark West Texas Intermediate for December delivery fell 52 cents to $77.42 while Brent crude for December was down 51 cents to $81.16 in afternoon trade.
“Oil prices continue to tumble on concerns over modest demand and no signs of clipping supply at OPEC,” said Desmond Chua, market analyst at CMC Markets in Singapore.
Oil prices fell in subdued Asian trade Wednesday following sustained speculation about the dim prospects for an OPEC oil production cut in the face of abundant global supplies.
US benchmark West Texas Intermediate for December delivery fell 52 cents to $77.42 while Brent crude for December was down 51 cents to $81.16 in afternoon trade.
“Oil prices continue to tumble on concerns over modest demand and no signs of clipping supply at OPEC,” said Desmond Chua, market analyst at CMC Markets in Singapore.
