MTECHTIPS;-Oil slips as pessimism over supply resurfaces despite OPEC pledge

MTECHTIPS;-Oil slips as pessimism over supply resurfaces despite OPEC pledge.

MTECHTIPS-Oil fell on Monday, surrendering earlier gains as investors weighed up the effectiveness of a potential cut in supply from OPEC and possibly other exporters in the face of rapidly rising global output. Brent crude futures were down $1.04 at $65.72 a barrel at 1447 GMT, having retreated from a session high of $67.64. WTI crude futures fell $1.03 to $55.43 a barrel. The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, is pushing for the group and its partners to reduce output by 1 million to 1.4 million barrels per day to prevent a build-up of unused fuel. "It appears that the market takes a production cut for granted. We’ll see if it is right after the next OPEC meeting on December 6. It is not unreasonable to anticipate stable prices until then," PVM Oil Associates strategist Tamas Varga said. Russian Energy Minister Alexander Novak said on Monday that Russia, which is not an OPEC member, planned to sign a partnership agreement with the group, and that details would be discussed at OPEC's Dec. 6 meeting in Vienna

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119