AFP, Singapore :
Oil prices were mixed in Asia Tuesday as dealers bet that the OPEC cartel is unlikely to agree on any cuts at a key output meeting this week, analysts said.
US benchmark West Texas Intermediate for January delivery rose nine cents at $75.87 while Brent crude for January fell eight cents to $79.60 in afternoon trade.
Oil investors are “speculating that OPEC will not be able to agree to any cut or even commitment to rein in excess oil production”, Singapore’s United Overseas Bank said in a commentary.
The 12-nation Organization of the Petroleum Exporting Countries will hold one of its toughest and most significant meetings in recent years on Thursday, with members under pressure to address falling prices, which have sunk 30 percent since June.
OPEC’s poorer members, led by Venezuela and Ecuador, have called publicly for a cut in output, while Iran has also hinted at the need for a reduction.
But the cartel’s Gulf members, led by kingpin Saudi Arabia, are rejecting such calls unless they are guaranteed market share in the highly competitive arena, according to analysts.
Saudi Oil Minister Ali al-Naimi was silent about his government’s intentions Monday as he arrived in Vienna ahead of the OPEC gathering.
“Is this the first time we have oversupply?” he was quoted as saying by Dow Jones Newswires when questioned about current supply and demand.
Oil prices were mixed in Asia Tuesday as dealers bet that the OPEC cartel is unlikely to agree on any cuts at a key output meeting this week, analysts said.
US benchmark West Texas Intermediate for January delivery rose nine cents at $75.87 while Brent crude for January fell eight cents to $79.60 in afternoon trade.
Oil investors are “speculating that OPEC will not be able to agree to any cut or even commitment to rein in excess oil production”, Singapore’s United Overseas Bank said in a commentary.
The 12-nation Organization of the Petroleum Exporting Countries will hold one of its toughest and most significant meetings in recent years on Thursday, with members under pressure to address falling prices, which have sunk 30 percent since June.
OPEC’s poorer members, led by Venezuela and Ecuador, have called publicly for a cut in output, while Iran has also hinted at the need for a reduction.
But the cartel’s Gulf members, led by kingpin Saudi Arabia, are rejecting such calls unless they are guaranteed market share in the highly competitive arena, according to analysts.
Saudi Oil Minister Ali al-Naimi was silent about his government’s intentions Monday as he arrived in Vienna ahead of the OPEC gathering.
“Is this the first time we have oversupply?” he was quoted as saying by Dow Jones Newswires when questioned about current supply and demand.
