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Oil prices climb higher

Dec 12 2012 07:54 AFP
Oil barrel

Oil barrel (Picture: Shutterstock )

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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.

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commodities  |  markets  |  oil
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