Loading...
See More

Oil prices climb higher

Dec 12 2012 07:54 AFP
Oil barrel

Oil barrel (Picture: Shutterstock )

Related Articles

Oil up on expectations of US stimulus

Oil prices rebound on bargain hunting

Oil prices down in Asian trade

Oil prices up in Asia

Oil falls on US data, fiscal cliff woes

Oil up on China manufacturing data

 

Singapore - World oil prices extended gains in Asian trade on Wednesday on supply concerns after the Opec cartel reported a drop in crude production last month.

New York's main contract, West Texas Intermediate for delivery in January, edged up 16 cents to $85.95 in the morning, and Brent North Sea crude for January added 26 cents at $108.27.

"On the commodities front, the energy markets were greeted with news that Saudi Arabian oil production has now fallen to its lowest level in a year as it scales back output amid weaker economic demand and rising US supplies," said Jason Hughes, an analyst at IG Markets Singapore.

The 12-nation Organisation of Petroleum Exporting Countries, which covers 35% of global demand for crude, said on Tuesday that its production fell by 210,000 barrels per day in November.

Opec left its 2012 and 2013 demand forecasts unchanged from the prior month.

Cartel ministers are meeting in Vienna on Wednesday, but Phillip Futures said most analysts do not expect it to change its output quotas from a combined 30 million barrels per day.

Markets are also waiting for the outcome of a meeting of the US central bank, which is expected to see fresh easing measures to boost the economy, while eyes are also on talks in Washington to avert the fiscal cliff.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

commodities  |  markets  |  oil
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

New forms of digital technology are changing the very ways in which entrepreneurs run their businesses.
 
 

Device lets disabled people talk through their nose

A device that converts nose breaths into speech will open new doors for people with Parkinson’s or motor neuron disease.

 
 

For chic geeks...

It’s THIS easy for someone to steal your ATM pin!
This is why you should install iOS 8
17 photo illusions that look so real
Check out the speed of this robo-cheetah!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...