LONDON (Commodity Online) : Oil prices continued their southern journey as oil cartel began a crucial meeting to discuss about a possible output increase in Vienna.
US crude for July delivery was seen trading at $98.37 a barrel at 12.00 noon London time after hitting as low as $98.10 in early trade.
Brent crude for July delivery fell 55 cents, or 0.5 percent, to $116.23 a barrel on the ICE Futures Europe exchange here.
There are reports that OPEC is divided over an increase in the ceiling and it isn't yet a done deal. OPEC member countries produce an estimated 29.1 million barrels a day of oil, accounting for roughly a third of world crude oil output.
Analyst said trading in European trade Wednesday remained thin as markets in China, Hong Kong and South Korea were shut on a public holiday.
