Crude prices slips after Saudi, Venezuela talks
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, Reuters reported.
Brent crude futures, LCOc1 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 CLc1 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 Organization of Petroleum Exporting Countries members and
other oil producers to stabilize 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.
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