Kamis, 14 Juni 2012

Oil prices fall ahead of OPEC meeting

New York - Crude oil prices fell on Wednesday (Thursday morning GMT) ahead of OPEC meeting which could lead to debate, because the cartel divided over whether to cut output to stem the sharp decline in prices in recent months.

New York's main contract, light sweet crude for July delivery lost 70 cents to close at 82.62 dollars per barrel, its lowest level since early October.

In London trade, Brent North Sea crude for delivery in July to settle at 97.13 dollars, down just one cent and reached a new low since the end of January.

The ministers of the Organization of Petroleum Exporting Countries (O {EC), which

supplies about a third of the world's oil, is scheduled to meet in Vienna on Thursday to face the price of crude oil has fallen about 25 percent since March.

"Reduction of 30 dollars per barrel on OPEC basket value over the past three months has created some of the open split in the oil price policy approach, both in terms of economic and political, between the members of OPEC," said analysts at Barclays Capital.

"We specifically do not expect those views to come together this week, leaving no possibility of a policy change as a result."

The International Energy Agency (IEA), which is an oil-consuming countries, on Wednesday warned that energy costs remain historically high, hindering growth.

The IEA also cut its 2012 global demand forecast to 89.9 million barrels per day from 90 million barrels per day in the previous month.

"The report is seen as an effective IEA calls for OPEC to maintain current production levels high to help Western economies are hurt by the difficulty of high energy prices," said Robert Brusca of FAO Economics.

In the United States, the data showed retail sales fell for a second consecutive month in May and crude stocks fell less than expected burden WTI contract New York, said John Kilduff of Capital Again.

While Iran, OPEC's second largest producer, warned that the oil embargo by the European Union will shake global petroleum markets.

"Politically motivated approach would undermine the stability, both in the oil market and world economy," said Iranian Oil Minister Rostam Qasemi in Vienna.

The European Union plans to impose oil embargo against Iran began July 1.

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