Oil falls as OPEC is ready to consider further production cuts[/rtl]
[rtl]Date: 2019/12/5 10:33 • 34 times read[/rtl]
Oil prices fell in quiet trading ahead of OPEC talks in Vienna later on Thursday, trimming some of the big gains made in the previous session due to the possibility of producers to agree to further production cuts and a sharp decline in US crude stocks.
Brent crude futures were down 10 cents, or 0.2 percent, at $ 62.90 a barrel by 05:47 GMT, and Brent was up 3.6 percent on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures were down 22 cents, or 0.4 percent, at $ 58.21 a barrel, up 4.2 percent on Wednesday.
Prices are now back almost back to their levels a week ago, before easing on the lack of progress in ending the 17-month trade war between China and the United States that has affected global growth and oil demand.
Investors' attention has shifted to meetings of the Organization of the Petroleum Exporting Countries and other producers, including Russia, and the prospect of further production cuts.
Oil prices rose on Wednesday after US inventories fell more than expected, according to official figures.
The US Energy Information Administration said on Wednesday that crude inventories in the United States fell 4.9 million barrels last week, compared to expectations for a decline of 1.9 million barrels in a Reuters poll. is over