INV: Oil futures trade near 4-year lows amid OPEC uncertainty
Investing.com - Oil futures traded near four-year lows on Tuesday, as market players continued to weigh the likelihood that the Organization of the Petroleum Exporting Countries will cut output when it meets later this month.
On the ICE Futures Exchange in London, Brent oil Brent Oil
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Daily: Strong Sell
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for January delivery lost 4 cents, or 0.05%, to trade at $79.27 a barrel.
London-traded Brent futures fell to a four-year low of $76.76 a barrel on November 14.
Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in January inched up 4 cents, or 0.05%, to trade at $75.70 a barrel.
Nymex oil hit $73.25 a barrel on November 14, the lowest level since September 2010.
London-traded Brent prices have fallen nearly 32% since June, when it climbed near $116, while WTI futures are down almost 30% from a recent peak of $107.50 in June.
Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.
Oil ministers from Iran, Libya, Venezuela, Ecuador and Algeria have asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to lower production.
The 12-member oil cartel is scheduled to meet in Vienna on November 27 to discuss whether to adjust their production target for 2015.
