1. Crude oil slips after Saudi, Venezuela meeting on prices yields little

Crude oil slips after Saudi, Venezuela meeting on prices yields little

Crude oil futures were mixed in early Asian trade on Monday after a meeting between OPEC producers Saudi Arabia and Venezuela to discuss coordination on prices ended with few signs there would be steps taken to boost prices.

By: | Tokyo | Published: February 8, 2016 8:28 AM
U.S. crude futures were down 2 cents at .87. On Friday, the contract fell 83 cents to .89 a barrel.(Reuters)

U.S. crude futures were down 2 cents at .87. On Friday, the contract fell 83 cents to .89 a barrel.(Reuters)

Crude oil futures were mixed in early Asian trade on Monday after a meeting between OPEC producers Saudi Arabia and Venezuela to discuss coordination on prices ended with few signs there would be steps taken to boost prices.

Brent crude futures, the global benchmark was down 9 cents at $33.97 at 0039 GMT. They fell 40 cents to $34.06 a barrel on Friday.

U.S. crude futures were down 2 cents at $30.87. On Friday, the contract fell 83 cents to $30.89 a barrel.

Both contracts were up slightly earlier on Monday in see-saw trade on low volumes.

Saudi Arabia’s oil minister Ali al-Naimi talked about cooperation between Organisation of Petroleum Exporting Countries members and other oil producers to stabilise the global oil market with his Venezuelan counterpart on Sunday, but there was no agreement to hold an early meeting of suppliers.

Venezuela’s Oil Minister Eulogio Del Pino, who is on a tour of oil producers to lobby for action to prop up prices, said his meeting with Naimi was “productive.”

The prospect of a supply restraint helped oil prices rise from 12-year lows last month, even though there was widespread scepticism that a deal will happen.

Tags: Crude Oil
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